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Bitcoin drops to $38,000 as the sell-off intensifies

On the Bitstamp exchange, the price of Bitcoin fell to $38,547 at 5:05 a.m. UTC, its lowest level since March 15.

It has struggled to recover since hitting an intraday low, and is currently trading at $38,917.

The flagship cryptocurrency hit an annual high of $48,234 on March 28.

The cryptocurrency has been under pressure as the Federal Reserve of the United States tightens its monetary policy at a rapid pace to combat inflation.

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Brandt previously forecasted that the price of Bitcoin would continue to trade laterally for years before resuming a huge climb in 2024.

Bitcoin traders are still gripped by “severe dread,” according to the Crypto Fear and Greed Index, a widely followed sentiment gauge.

When it comes to cryptocurrencies, the majority of them have underperformed in the last 24 hours. Of course, which is usual during market corrections.

Over the last 24 hours, Avalanche (AVAX), Cardano (ADA), and Terra (LUNA) have all lost more than 6% of their value.

Decred (DCR) is one of the few top 100 cryptocurrencies to be in the green. That’s, with a gain of over 28%.

Over the last 24 hours, $223 million worth of cryptocurrencies have been liquidated, according to Coinglass data.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.