Bitcoin, the world’s largest cryptocurrency, has plunged to the lowest level in more than a month
Bitcoin price slipped to $38,547 at 05:05 UTC on the Bitstamp exchange, hitting its lowest level since March 15.
It has struggled to bounce back after reaching the intraday low, currently trading at $38,917.
On March 28, the flagship cryptocurrency hit a yearly high of $48,234.
The cryptocurrency has been under pressure due to the U.S. Federal Reserve tightening its monetary policy at a rapid pace in order to tame inflation.
As reported by U.Today, Brandt recently predicted that Bitcoin price could continue to trade sideways for years before starting another major rally that could occur in 2024.
The Crypto Fear and Greed Index, a widely tracked sentiment indicator, shows that Bitcoin traders remain gripped by “extreme fear.”
As for altcoins, most of them have underperformed in the past 24 hours, which is common during market corrections.
Avalanche (AVAX), Cardano (ADA), and Terra (LUNA) have shed more than 6% over the last 24 hours.
Decred (DCR) is one of the few top 100 cryptocurrencies in the green, up over 28%.
According to data provided by Coinglass, $223 million worth of cryptocurrencies has been liquidated over the past 24 hours. Long positions account for 88.72% of the wipeout.
The entire market capitalization currently stands at $1.8 trillion. Bitcoin’s market dominance remains stuck at 41%.
