Bitcoin Slips to Four-Month Low as Crypto Market Continues to Follow 'Risk Asset' Pattern

The world's largest cryptocurrency by market value has now fallen by 50 percent since its peak in November last year.

By Shomik Sen Bhattacharjee | Updated: 9 May 2022 11:51 IST

Bitcoin Slips to Four-Month Low as Crypto Market Continues to Follow 'Risk Asset' Pattern

Photo Credit: Unsplash/ Kanchanara

The world’s first digital token is trading at its lowest level since 24 January

Highlights

Bitcoin's value could head even lower in the coming days
Ether has slipped closer to $2,600 mark
Both Dogecoin and Shiba Inu also dropped in value

Bitcoin has witnessed a sharp fall in value yet again following dips through Saturday and Sunday as equity markets across the world also saw a considerable slump during the same time frame. In terms of value, Bitcoin was moving closer to the $40,000 (roughly Rs. 30.5 lakh) mark on early Thursday across exchanges like CoinMarketCap, Coinbase, and Binance. However, at the time of writing, the value of Bitcoin has dropped to a level which is its lowest since January. Over the past 24 hours alone, BTC has fallen by 2.41 percent and stands at $36,004 (roughly Rs. 27.5 lakh) on Indian exchange CoinSwitch Kuber.

On global exchanges, the price of Bitcoin stands at $34,100 (roughly Rs. 26 lakh) dropping by 1.9 percent in value over the past 24 hours. As per CoinGecko data, BTC's value has now dropped by 12.4 percent week-to-day.

Ether shares a similar plight with a considerable drop. At the time of publishing, Ether is valued at $2,661 (roughly Rs. 2 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $2,491 (roughly Rs. 1.9 lakh), where the coin has dropped 2.54 percent over the past 24 hours.

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CoinGecko data reveals that the cryptocurrency's value has also dropped in terms of week-to-day performance by 12.7 percent.

Gadgets 360's cryptocurrency price tracker reveals that most of the better-known altcoins have all dropped in value — barring a couple — as the global crypto market cap dropped by 2.15 percent over the past 24 hours. TRON, and Monero are the only cryptocurrencies to have gained in value. While Uniswap, Cosmos, Avalanche, Cardano, Chainlink, Polygon, Terra, and Solana have all dropped in value.

Shiba Inu and Dogecoin also saw dips with Dogecoin moving up to $0.13 (roughly Rs. 10) after dropping 1.93 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000019 (roughly Rs. 0.0014), down by 4.77 percent over the past day.

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Crypto enthusiasts had been hoping that digital assets might offer a hedge against inflation and other macro forces that can roil share markets. But Bitcoin's ‘digital gold' billing has failed to live up to those hopes this year.

While gold prices have come back sharply from their March peak, the yellow metal remains up 2.6 percent in 2022, compared to the 29 percent loss in the Bitcoin price. Indeed, cryptos have been behaving much more like risk assets than haven assets. The tech-heavy Nasdaq, for example, is also down 23.3 percent year-to-date.

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