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October 2, 2022
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Guide & Analysis

Bitcoin price plummets $ 1,500 in hours as global markets fall

Bitcoin saw more than $ 1,500 of its dollar value wiped out as global markets collapsed

After last night’s run for around $ 24,300, today markets are deeply in the red. Bitcoin fell to less than $ 22,700, representing a fall of about 3.5% on the day, while altcoins fell further.

This deceleration coincides with a retraction across the market in traditional finance, with the fall of the main European indices, while the US future indices are also down in the pre-market period.

Bitcoin price loses $ 1,500 in hours, following the market

Yesterday was a good day for Bitcoin, as the price of cryptocurrency fired again for a new record of around $ 24,300. However, today is a totally different story, especially in the last few hours. At the time of this writing, the price was trading around $ 22,700, which represents a drop of more than $ 1,500 in just a few hours.

BTC / USD. Source: TradingView

In fact, BTC dropped to $ 22,411 on Bitstamp, but has since managed to recover some of the losses.

The entire market is feeling the pressure, as all altcoins are also in the red. Its losses are even more substantial than those of the BTC. Ripple’s XRP lost about 8.55%, ETH fell about 7%, while Litecoin and Bitcoin Cash fell 10% each.

In short, the entire market has lost about $ 40 billion in the past few hours in what appears to be a notable fix.

Traditional markets fall in fear of new variants of coronavirus in the UK

European markets are bleeding, as the FTSE 100 fell 2.8% at the time of writing. One of the possible reasons for this may be related to the new restrictions on the pandemic in Great Britain and the fact that much of Europe has closed its borders with the United Kingdom.

On Saturday, UK Prime Minister Boris Johnson gave an emergency press conference and announced the return of conditions very similar to the previous lockcdown for people in London, south east and east of England.

These Tier 4 restrictions were introduced as an attempt to contain the spread of a new type of COVID-19 that was discovered last week and is announced to spread up to 70% faster than previous variants.

US markets are also feeling the pressure, as the main future indices are trading in red during pre-market hours.

The S&P 500 futures were down 0.4%, while the Dow Jones Industrial Average and NASDAQ 100 futures also saw similar declines.

Source: CryptoPotato

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