Bitcoin, the world’s most popular crypto asset, has extended its downward trend further into the week. The coin has fell below 50% since it’s all-time high of $69,000 late last year, hitting its lowest price since July 2021. Bitcoin is not isolated in its negative performance. The entire crypto market, along with nearly the entire US stock exchange, have been in a decline.
The drop comes after a volatile week for equities that saw big swings up and down in the wake of the Federal Reserve’s widely expected decision to deliver a half-point rate increase on Wednesday. It also comes as swings by stocks and crypto assets have shown increasingly tighter correlation.
Between speculation on an impending recession, the possibility of the US being called into war, and an array of companies falling into economic desperation at the state of their crypto assets, the future of Bitcoin in the next few months is to be met with skepticism and uncertainty.