Bitcoin is flirting with a test of this year’s lows following a cryptocurrency selloff that again pushed the sector’s overall market value below $1 trillion.
The largest digital token has shed more than 6% so far this week and was trading at about $18,620 as of 10:28 a.m. in Singapore. Crypto market capitalization has fallen by a similar proportion in the past 24 hours, according to CoinGecko.
Surging real interest rates -- seen as the true cost of borrowing -- are heaping pressure on a range of risk assets and crypto is no exception. The retreat in Bitcoin is taking it closer to a nadir of about $17,600 that was hit in June in the wake of blowups at crypto lenders and hedge funds.
“The macro narrative is very hard to be able to let go and will drive risk assets,” Kevin Loo, head of investment insights at IDEG Asset Management Ltd., said on Bloomberg Television. “Bitcoin is below $20,000. We have been here before and it’s likely that we could actually go slightly lower.”
At the same...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...