The selloff in cryptocurrencies gained new momentum on Monday, with bitcoin tumbling to a six-month low and other tokens seeing big losses.
Bitcoin fell below the US$33 000 mark, continuing a six-day downturn. Ether retreated further, too, and touched its lowest point since July.
Across the crypto spectrum, markets were in a sea of red, with solana’s SOL and Cardano’s ADA plummeting 19% and 13%, respectively, according to data compiled by CoinGecko.
Crypto has come under widespread selling pressure in recent days, with traders pointing to hawkish signals from the Federal Reserve and a selloff in technology shares as reasons for traders to withdraw from risky assets. Since its all-time high in November, bitcoin has tumbled more than 50%.
“We don’t think it is a bad thing if market volatility takes some of the air out of the more speculative corners of the market,” said strategists led by Mark Haefele, chief investment officer at UBS Global Wealth Management. — Emily Nicolle, (c) 2022 Bloomberg LP