As the cryptocurrency market awaits its next catalyst, sell pressure in stocks caused Bitcoin to drop overnight, breaking past the $90,000 threshold.
The price of bitcoin dropped 6% to $88,519 today. It had previously dropped as low as $87,736.
The blue chip coin is now about 20% lower than value was on the day of President Donald Trump’s inauguration.
Swan Bitcoin’s head of private clients and family offices, Steven Lubka, “equities have faced a few difficult sessions over the last week, with top-performing stocks down many times the index as markets grapple with increased uncertainty under the new administration.”
“The bitcoin and cryptocurrency markets have been affected by this pressure.”
The S&P 500 had a three-day losing streak on Monday, unable to bounce back from the sell-off that occurred last week due to worries about sticky inflation and a slowing economy.
Source (CNBC)
