Bitcoin plunges to below $30,000, lowest since July 2021 – The National
- Date: 10-May-2022
- Source: The National
- Sector:Financial Markets
- Country:Middle East
Bitcoin plunges to below $30,000, lowest since July 2021 – The National
Bitcoin extended losses, dropping below $30,000 for the first time since July 2021, putting its decline from a November record high to more than 55 per cent amid a global flight from riskier investments.
The world’s largest digital token fell as much as 3.1 per cent to $29,992 in Asian trading. Ether fell as much as 3.7 per cent, while Solana dropped 8.2 per cent and Avalanche dipped 10.4 per cent.
“We’re seeing a slow-motion meltdown, partially because it’s mostly been long holders selling” instead of levered liquidations, said Josh Lim, head of derivatives at New York-based brokerage Genesis Global Trading. “Now that some corporate treasuries are hovering near their cost basis, markets are waiting and watching to see if shareholders will force some de-risking.”