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Why Crypto is going down

Bitcoin prices were down more than 7.5% over the prior 24 hours, with BTC trading below $32,000, at its lowest level since July 2021. Ethereum prices dropped around 7.7% to less than $2,330, while Litecoin and Bitcoin Cash prices were down more than 12%.

From over the weekend after changing hands around $36,000, It puts the largest crypto at its lowest level since July 2021. The latest selloff brings Bitcoin to less than half the value of its all-time high of $68,990 reached in November 2021, and is a significant move away from the relatively tight range near $40,000 that Bitcoin has been trading around for months.

“Bitcoin has followed the lead of the equity market, extending lower after a weak April,” said Katie Stockton, managing partner at technical research group Fairlead Strategies.

Many cryptocurrency investors have argued that Bitcoin is a new version of gold for the digital era, a potential flight-to-safety investment and hedge against inflation.

But price action in cryptocurrencies suggests the market doesn’t seem to see these highly volatile assets as reliable stores of value during periods of economic uncertainty.

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