The price of Bitcoin Lifestyle has had a pretty tough week and today it hit a bottom for the first time since late July after falling below $10,000. Has the crypto market panicked?
What happened to Bitcoin?
Bitcoin consolidated for weeks between $11,250 and $12,100; just this week we reported on its latest attempt to break 12K. However, today crypto swapped hands for $9,990, after being above $10,000 for seven weeks.
This happened right after the cryptomoney tried to recover the $10,500, however, it collapsed and lost all five figures in a matter of seconds.
Were they asking for fun? Volatility seems to have been restored once again in the crypto market. The problem is that fear seems to have reached the market.
Yes, for the first time since July the ‘Cryptocurrency Fear & Greed’ index showed that sentiment in the crypto market became cautious. The next few hours in the crypto market are certainly a mystery.
Bitcoin hit bottom today, will it do so again? Currently BTC is valued at $10,562 according to the Crypto Trend tool, Crypto Online.
Bitcoin flirts once again with the $12,000
China reduces its exposure to the US dollar
It seems that Bitcoin isn’t the only one having a tough week. According to the Global Times, China has probably decided to reduce its holdings of U.S. Treasury bonds.
Yes, according to the local media, China would be reducing its holdings of bonds as a result of the economic policy that has been generated in the United States. This in the face of inflationary concerns.
Is everyone running away from the dollar? I don’t think so, but it’s certainly not good news. It could also be good news for the crypto market in the long term.