Bitcoin drops to a 10-month low as crypto market continues to decline.

By Abhishek Nashirkar


Bitcoin drops to a 10-month low as crypto market continues to decline

Bitcoin’s price has hit a new low in the wake of a significant stock sell-off that also rattled the cryptocurrency market amid the sustained correlation between the two asset classes. However, the volatility highlights Bitcoin’s continued trading in a tight range for 2022 as the asset struggles to reclaim the highs of 2021.

As of 8 May 2022, Bitcoin was down almost 4% within 24 hours, trading at $34,602, a new almost ten-month low from the $34,292 registered on 24 July 2021.On 4 May, Bitcoin had shown signs of breaking out after the asset surged 6% following the Federal Reserve’s move to raise interest rates by half a point, the highest level in almost two decades. The bounce in Bitcoin also coincided with a rally in the broader equities market.

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