Cryptocurrency dips below $40,000 on Monday
Bitcoin dipped below $40,000 for the first time since September, putting it on pace for its worst start to a year since the earliest days of the digital alternative to money.
“It has had a pretty shocking start to 2022,” said Fiona Cincotta, senior financial markets analyst at City Index. “There’s a lot going on. We know that bitcoin is volatile but even for bitcoin, we’re seeing some really big moves.” The Covid-19 pandemic helped bitcoin break further into the mainstream as institutions and retail investors got involved with the crypto market and its ancillary projects while governments and central banks provided record amounts of stimulus. Now that the Federal Reserve has turned more hawkish, riskier assets like stocks and digital assets have suffered.
Bloomberg Intelligence’s Mike McGlone said $40,000 is an important technical support level for the digital token. Cryptocurrencies are a good barometer for the current reduction in risk appetite. But he projects that bitcoin will eventually come out ahead as the world increasingly goes digital and the coin becomes the benchmark collateral.
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