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As Wall Street hit year-lows, Bitcoin fell below $29K

The cryptocurrency market is once again in decline, with bitcoin trading below $29,000 and Ethereum trading below $2,000. This comes on the heels of Wall Street’s recent price drops, with the major stock market indices hitting yearlong lows.

Bitcoin Moves Dipper After Wall Street

Yesterday was a very bad trading day on Wall Street, with the S&P 500, Dow Jones Industrial Average, and Nasdaq all losing significant ground. All of these major indexes have lost up to 5% in a single day, the most they have lost since the COVID-19 outbreak began.

As a result, the S&P 500 dropped to little over 3,900, the Dow sank to 31,490, and the Nasdaq Composite fell to 11,418, its lowest levels in almost a year.

When it comes to individual stocks, Target is the biggest loser, with a stunning 25% decline following the company’s announcement that its logistics had been affected due to increasing freight, payroll, and gasoline expenses.

BTC is also in the red on a daily basis, as it is considered a riskier asset. Yesterday, the cryptocurrency struggled near $30,000, temporarily rose over that level, but eventually fell below $29,000 for the first time in four days.

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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.