Summary:
- NASDAQ closed almost almost 4.7% down.
- Bitcoin prices reach lowest seen since december 2020.
NASDAQ
On Monday the US stock market fell into a bear market, the Nasdaq composite fell almost 4.7% during the trading day, reflecting a level not seen since September 2020. Investor sell-off sentiment is market wide, with the crypto market also tumbling as Bitcoin is more than 17% down.
Investors are anxiously awaiting the Federal Reserve meeting on Wednesday as the market awaits the latest policy decision.
IXIC Price Chart
Bitcoin (BTC) Price sank in overnight trading
Bitcoin prices sank in overnight trading, reaching low levels not seen since December 2020 in the wake of rising inflation reducing the demand for the world's largest cryptocurrency. The rising inflation, rising bond yields, the Federal Reserve’s signals of aggressive interest rate hikes and a stronger US Dollar are all factors that have combined in adding downwards pressure on crypto assets. Hence, even amidst wider crypto acceptance from governments all around the world to add or compliment Bitcoin into its national currencies.
The price tumble of Bitcoin caused the cryptocurrency lender, Celsius Network to pause withdrawals from its deposit base due to what the group referred to as “extreme market conditions.” Binance quickly followed suit in the Monday session citing a 'stuck transaction' on the world's biggest crypto trading platform.
Sources: finance.yahoo.com, thestreet.com
