Bitcoin is currently being ravaged and battered by the bear market. It’s currently priced at $35,244.38 as of this writing a far cry from its high of roughly $67000 in November.
Bitcoin is not the only cryptocurrency that is feeling the knives of market bears who are always in the woods waiting and gazing at their prey for any sign of weakness to unleash their wrath. Ethereum is currently trading at $2,445.58 along with Cardano at $1.09.
It’s going to be a pretty interesting year to see where the market goes from there. Interestingly the cryptocurrency market is not the only market that is untouched.
Last week the stock market faced a massive sell-off across all sectors. The Dow Jones industrial average lost nearly 1,400 points. On the other side of things, the S&P 500 fell 5.1 percent since Tuesday.
Within the crypto space, Coinbase and Robinhood continue to trade lower as their stock and business are directly tied to the industry. Over the last week, Coinbase stock fell 15.29% and Robinhood fell by 13.98%.
UN released an article stating the obvious that the stock market and crypto market are oddly becoming more correlated.
Probably what’s going on will prove their thesis. One of Bitcoin’s main advantages touted by crypto investors is that it can be seen as a hedge against the modern financial world and its system. It was somehow immune to the noise of the real-world markets.
The year is quite early and we cannot doubt the cult following the crypto market has developed over the years. It will more than likely go up, it’s only a matter of when and by how much.
