Flagship digital currency loses another $1,000 of its value but quickly recovers loss
Bitcoin slipped below the $36,000 level, losing another 2% earlier in the day, hitting $35,780.
By now, the price of the leading digital asset has recovered its losses, rising to $36,548 as a green hourly candle has appeared on the chart.
BTC started falling on May 5, printing huge red candles that took it from $39,500 to $36,386, down almost 8% from the market price. It was the day the Fed announced a massive historic rate hike of half a basis point in an effort to combat rapidly rising inflation.
The stock market with the major indexes, such as the Nasdaq 100 and S&P 500, also dropped heavily yesterday.
On top of that, the Fear and Greed Index for Bitcoin shows 22, which signals “extreme fear,” meaning investors are scared and might present a buying opportunity.
On May 5, prominent Bitcoin hater Peter Schiff tweeted that he expects investors to keep selling their cryptos as they would need cash to pay the rising household bills. He pointed out the fact that Bitcoin and shares of crypto-related companies are plunging and the whole space will soon be exposed as “malinvestment.”
In January this year, he expressed his expectation that Bitcoin would drop below $30,000 and then drop to the $10,000 level.
