As cryptocurrency investors reel from the sharp sell-off in bitcoin and other digital currencies, some fear the worst is yet to come.
index is down over 12 percent. And the correlation between bitcoin’s performance and that of the S&P 500 has been on the rise lately.and aggressive monetary tightening from the Federal Reserve will drain liquidity from the market. The U.S.
The moves lower in major digital coins has been a boon to stablecoins, or digital currencies that track the value of sovereign currencies like the U.S. dollar. USD Coin, the second-largest stablecoin, has added over $5 billion in market value since Sunday, according to data from CoinGecko. Bitcoin has typically seen “blow-off tops” before diving 80 percent or more, he said. This refers to a chart pattern which shows a steep increase in price and trading volume followed by a sharp fall in price.
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