Bitcoin and other cryptocurrencies were in retreat on Thursday, falling amid a wide selloff in risk-sensitive assets after cryptos initially gained following a Fitch downgrade of the U.S. credit rating that slammed markets.
The price of Bitcoin has shed more than 1% over the past 24 hours, falling to just above $29,000 and moving further from the range between the psychologically important $30,000 level and $31,000 that has provided the largest crypto with support for months.
“Bitcoin…
Bitcoin
and other cryptocurrencies were in retreat on Thursday, falling amid a wide selloff in risk-sensitive assets after cryptos initially gained following a Fitch downgrade of the U.S. credit rating that slammed markets.
The price of
Bitcoin
has shed more than 1% over the past 24 hours, falling to just above $29,000 and moving further from the range between the psychologically important $30,000 level and $31,000 that has provided the largest crypto with support for months.
“Bitcoin has managed to avoid accelerating the selloff, but it looks like it’s only a matter of time before it does,” said Alex Kuptsikevich, an analyst at broker FxPro.
Bitcoin rose on Wednesday after the Fitch downgrade of U.S. debt—briefly topping $30,000 as crypto bulls pointed at principles of deteriorating confidence in the financial system and decentralized alternatives—but has since fallen back. The move lower in digital assets corresponds to a slide in the stock market, where the
Dow Jones Industrial Average
and
S&P 500
tumbled on Wednesday and were set for more declines on Thursday as Treasury yields popped higher.
Bitcoin is flirting with key technical levels below its 50-day moving average, near $29,500, and is at risk of further declines. The next support level for token is at the rising 200-day moving average of $26,700 with long-term secondary support near $25,200, wrote Katie Stockton, managing partner at technical research firm Fairlead Strategies, in a note this week.
Advertisement – Scroll to Continue
Beyond Bitcoin,
Ether
—the second-largest crypto—dropped 1.5% to $1,830. Smaller cryptos or altcoins were weaker, with
Cardano
crumbling 4% and
Polygon
slipping 2%. Memecoins exhibited more of the same, with
Dogecoin
down 4% and
Shiba Inu
shedding 2%.
Write to Jack Denton at jack.denton@barrons.com
#Bitcoin #Joins #Stock #Market #Selloff
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
- Source: https://cryptoinfonet.com/bitcoin-news/bitcoin-joins-the-stock-market-selloff/
- :has
- :is
- :where
- ][p
- 000
- 1
- 2%
- 200
- 24
- 500
- 700
- a
- above
- accelerating
- After
- alex
- Altcoins
- Amid
- an
- analyst
- and
- AS
- Assets
- At
- average
- avoid
- back
- before
- below
- between
- Bitcoin
- broker
- Bulls
- but
- confidence
- continue
- corresponds
- credit
- credit rating
- crypto
- cryptocurrencies
- CryptoInfonet
- cryptos
- decentralized
- Declines
- digital
- Digital Assets
- does
- down
- Downgrade
- Fallen
- Falling
- financial
- financial system
- Firm
- fitch
- following
- For
- from
- further
- gained
- higher
- HOURS
- HTTPS
- important
- in
- industrial
- initially
- IT
- ITS
- jack
- Joins
- jones
- just
- Katie Stockton
- Key
- largest
- Largest Crypto
- Level
- levels
- like
- LINK
- long-term
- LOOKS
- lower
- managed
- managing
- managing partner
- Market
- Markets
- Matter
- Memecoins
- months
- more
- move
- moving
- moving average
- Navigation
- Near
- next
- of
- on
- only
- or
- Other
- over
- partner
- past
- plato
- Plato Data Intelligence
- PlatoData
- price
- principles
- provided
- range
- rating
- Reading
- research
- Retreat
- rising
- Risk
- ROSE
- s
- Said
- same
- scroll
- second-largest
- secondary
- SellOff
- set
- shed
- since
- Slide
- slipping
- smaller
- stock
- stock market
- strategies
- support
- support level
- system
- Technical
- than
- that
- The
- this
- this week
- thursday
- time
- to
- token
- treasury
- Treasury yields
- u.s.
- Wednesday
- week
- were
- wide
- with
- wrote
- yields
- zephyrnet