Bitcoin Price (BTC) Slides Under $19,000 — The First Time Since July 4

Bitcoin price traded below $19,000 on Wednesday morning, as the leading cryptocurrency plummeted to its lowest level since July, due to a decline in global stock markets and the U.S. dollar’s sustained strength.

Bitcoin (BTC, as of Wednesday, is at $18,741; a 5.5% drop in value over the previous seven days. Data from Coingecko shows, Wednesday.

Bitcoin was at $18,600 on July 4. That’s when it fell to $19,000 for the last time. This level represents a correction of 25% from August 15, when Bitcoin rallied to $25,000

BTC was $18,600 before reaching its peak of $18,600 in December 2020. It then reached an all-time high of $60,000 just one year later.

Bitcoin price feels the pressure of U.S. Market

BTC trades at approximately $18,745, which is a drop of over 5% according to CoinDesk data. Ether, which has significantly surpassed Bitcoin’s advances in recent weeks, fell nearly 10% to $1,514.

Investors are starting to move away from Bitcoin due to multiple factors. As usual, the asset’s recent huge volatility is highly associated with the U.S. stock market.

Following a turbulent trading session on Wednesday, stocks declined, in part because of worries that the Federal Reserve will continue to jack up interest rates.

Since U.S. Federal Reserve chair Jerome Powell’s remarks on August 27 were followed by a $1.25 trillion loss in U.S. stocks in a single day, the market has been in a bit of a rut.

Powell stated at the annual Jackson Hole Economic Conference that bigger interest rate hikes remained a possibility, forcing the S&P 500 to settle 3.5% lower that day.

Russia Oil Shutdown Impacts Bitcoin Price

Meanwhle, the number of Bitcoin wallets holding between one and 10 BTC has reached an all-time high even as the market capitalization of the world’s most valuable cryptocurrency falls below $19,000.

The number of Bitcoin addresses that hold between 1 and 10 bitcoins have increased steadily since December 20, 2021, when the price dropped below $50,000, as per the latest data.

As this developed, the central bank’s tightening of policy has bolstered the U.S. greenback, weighing on risk assets. In addition, the U.S. Treasury Note 10-year yield has increased.

According to analysts, Bitcoin’s decline has increased following last week’s announcement that Russia shut down the Nord Stream 1 pipeline, blocking gas to Europe and unsettling markets. Despite this, Bitcoin aficionados remain unfazed.

Bitcoin positions were liquidated to the tune of $77 million due to the current price decline, with over $40 million liquidated in the previous hours alone. BTC’s price fell to around $18,963. A lot of it was then sold.

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