The majority of the crypto market is red, with Bitcoin price dropping to as low as US$48,000 on Friday (10/12). The trading volume of the largest cryptocurrencies by market cap across major exchanges continues to fall.
Referring to CoinDesk data, the price of Bitcoin on Friday (10/12) at 12.25 was at US$ 48,190.54 or down 3.15% compared to the previous 24 hours. Ethereum fell deeper 5.97% to $4,122.43.
Other major cryptocurrencies have also suffered the same fate. Solana’s price fell 6.85% to US$ 178.15 and Terra fell 8.24% to US$ 69.33. Meanwhile, the price of Dogecoin fell 4.19% to US$ 0.169940 and Shiba Inu fell 4.88% to US$ 0.000035.
Citing CoinDesk, the performance of the crypto market was bearish following the US stock market crash and the US dollar index, which tracks the value of the greenback against major fiat currencies, up 0.28%. A stronger US dollar depresses the price of Bitcoin.
Only, “Long-term bulls remain for Bitcoin, but in the short-term it seems bearish,” Edward Moya, Oanda Senior Market Analyst, told CoinDesk.
“Bitcoin needs to overcome growing expectations for a stronger US dollar, an extended altcoin season, and near-term downside for risk assets as the Omicron variant derails economic recovery momentum,” he said.