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 5% to $88,787.80. It had previously dropped to $86,869.39.
The drop brings the blue chip coin down about 20% from its peak on the day of President Donald Trump’s inauguration.
“As markets struggle with increased uncertainty under the new administration, equities have faced a few challenging sessions over the last week, with top-performing stocks down many times the index,” stated Steven Lubka, head of Swan Bitcoin’s private customers and family offices.
“This pressure has affected the markets for bitcoin and other cryptocurrencies.”
Due to worries about a slowing economy and sticky inflation, the S&P 500 notched a three-day losing streak on Monday, unable to bounce back from last week’s sell-off.
Source (CNBC)
