Crypto news: BTC weekend selloff sparks fears for US market open
Updated
Bitcoin (BTC) was trading around the $38,000 mark in Europe this morning, down $5,000 week-on-week and 16% down from its recent high recorded in mid-February.
The reversal of last week’s BTC rally points to the failure of its attempt to decouple from risky equities.
Further, some market watchers warn that the cryptocurrency downturn may signal risk-off sentiment ahead of the US market open. “Bitcoin is indicating another rough week for risk assets,” Bloomberg Intelligence analyst Mike McGlone wrote. He added that BTC could “revisit $30,000”.
#Bitcoin May Revisit $30,000, But What of the #stockmarket? Down about 2% on Sunday morning 8am EST from Friday's close, Bitcoin is indicating another rough week for risk assets - pic.twitter.com/FEj7hLQ08j
— Mike McGlone (@mikemcglone11) March 6, 2022
Elsewhere, founder and CEO of CustodiaBank, Caitlin Long, wrote: “Margin call time…looks like it’s hitting all markets. Crypto trades 24/7/365, and it’s a ‘sell the easiest to sell assets first’ kind of trading day.”
Other crypto news:
Developer of Fantom (FTM), Anton Nell, and Yearn Finance (YFI) founder, Andre Cronje, announced they would leave the cryptocurrency and decentralised finance (DeFi) sector, quitting a raft of projects: “Andre and I have decided that we are closing the chapter of contributing to the defi/crypto space. There are around 25 applications and services that we are terminating on 03 April 2022,” Nell wrote on Twitter.
“Unlike previous ‘building in defi sucks’ rage quits, this is not a knee jerk reaction to the hate received from releasing a project, but a decision that has been coming for a while now. Thanks [sic] you to everyone that supported us over the past few years,” he added.
What is your sentiment on ETH/USD?
Chart of the day: As Russia/Ukraine conflict intensifies, gold ‘stored value’ and BTC did not
BTC fell short in the latest episode of the ongoing debate as to whether bitcoin is a safe haven asset, recording a sharp drop as the Russia/Ukraine conflict intensifies. Meanwhile, gold as a store of value, held steady.
Gold was a safe haven over the last five days, while BTC plunged – Credit: TradingViewTop cryptocurrency coins by market capitalisation
As of 10:30 UTC:
- Bitcoin (BTC) was down 0.54% over 24 hours to $38,248
- Ether (ETH) plunged 2.4% to $2,534
- Binance coin (BNB) fell 0.45 and was trading at $376
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