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    A traditional market collapses too as Bitcoin nears its January 2022 low

    Bitcoin (BTC) prices fell again over the weekend, falling below $35,000 for the third time this year. The most popular cryptocurrency is presently extremely near to its all-time low of $33,184 set in January 2022. According to CoinMarketCap, a cryptocurrency market tracker, this is the case.

    Bitcoin is now valued at $33,523.28 at the time of writing. Bitcoin’s price fell to $33,393.61 in only 24 hours, and crypto investors are ready for substantially greater losses.

    The Crypto Dread & Greed Index, which measures factors including price volatility, trading volume, and social media activity, is currently displaying “extreme fear.” This isn’t unexpected given that Bitcoin dropped 10% last week, its worst intraday decrease since January of this year.

    The decline in cryptocurrency values is a result of rising global anxiety as the impacts of the epidemic and the Russia-Ukraine war begin to weigh on the global economy.

    Furthermore, governments and central banks implemented a variety of stimulus measures to keep the economy afloat. Authorities, on the other hand, are currently reducing all of these economic stimulus in an effort to keep inflation under control.

    With everything going on, the crypto market is in the same economic context as it was last year when crypto prices were driven to record highs. As a result, investors could expect greater losses.

    The crypto market’s values appear to be linked to regular financial markets, since the S&P 500 has likewise had its longest weekly losing streak since 2011.

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