Bitcoin crashes in the $30,000 range, down 2% on Nasdaq

U.S. Treasury yields weakened above 1.8%
Bitcoin Dead Cross Occurs


湲 蹂肄

[아시아경제 뉴욕=백종민 특파원] The value of the cryptocurrency Bitcoin fell to the $30,000 level during the day. The Nasdaq fell 2%. This is believed to be because the US Treasury yield soared above 1.8%.

According to Coinmetrics, on the 10th (local time), the price of Bitcoin fell by 6%. It recorded $39,771.91.

The price of Bitcoin was formed around $41,000 by 9 am on the same day, but the decline widened in about 30 minutes. However, it has since rebounded and is trading at the $4,700 level.

CNBC reported that the price of Bitcoin fell to its lowest level since September last year.

CoinDesk also reported that Bitcoin has fallen 12% this year, causing a ‘dead cross’ phenomenon in which the 50-day moving average breaks below the 200-day moving average.

Ethereum, the second-largest cryptocurrency by market capitalization, also fell 7% during the day to $2,940, but then recovered to $3,000 again.

The decline in the bitcoin price on that day is believed to be due to increased risk-averse sentiment as the US Treasury yield surged above 1.8%. The 10-year government bond yield stands at 1.805% today.

Strong Treasury yields also weighed on the New York Stock Exchange. As of 10:10 a.m. on the same day, the Nasdaq index fell more than 2%, falling for five consecutive trading days. The Nasdaq Index, which focuses on growth stocks, is under downward pressure when government bond yields rise.

The Dow Jones Industrial Average, which focuses on value stocks, also fell 1.1%, showing signs of weakness.

New York = Correspondent Baek Jong-min [email protected]

Source: 아시아경제신문 실시간 속보 by

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