Bitcoin falls to 22-month low – GulfToday

Bitcoin falls to 22-month low – GulfToday

Bitcoin fell to its lowest level since July 2021 on Monday as slumping equity markets continued to hurt cryptocurrencies, which are currently trading in line with so-called riskier assets like tech stocks. Bitcoin dropped to as low as $32,763.16 shortly before 1100 GMT, in its fifth consecutive session of falling. The cryptocurrency has dropped 13 per cent so far in May and has lost more than half its value since it hit an all-time high of $69,000 in November last year. “I think everything within crypto is still classed as a risk asset, and similar to what we’ve seen with the Nasdaq, most crypto currencies are getting pummelled,” said Matt Dibb, COO of Singapore-based crypto platform Stack Funds The tech heavy Nasdaq fell 1.5 per cent last week, and has lost 22 per cent year to date, hurt by the prospect of persistent inflation forcing the US Federal Reserve to hike rates despite slowing growth. Nasdaq futures were down a further 2.3 per cent on Monday. Dibb said other factors in the decline over the weekend - bitcoin closed on Friday around $36,000 - were the crypto market’s notoriously low liquidity over the weekends, and also short lived fears that