Bitcoin lost $ 31,000 with an 11% dip

LAST UPDATE 22:40

The tightening of global monetary policy, which is shaking the stock markets, is also dragging down digital exchange rates, with the flagship of the space, Bitcoin, losing support one after the other.

In particular, the largest cryptocurrency in capitalization is diving 11.10% and sees its value receding to $ 30,740while digital currency market liquidations are approaching $ 900 million in the last 24 hours – 200 of which in bitcoin.

Amid the turmoil in global markets as a result of rising interest rates from one central bank to another, Bitcoin first lost the critical support of $ 40,000 last week, then the close of $ 38,000 and $ 35,800 and is now under doubt that of 31,500 which now leads to 30,000 and 27,000.

Corresponding and greater pressures are generally received by the rest of the crypto, with Ethereum to retreat by 11.6% στα $ 2,262Cardano v 18% at $ 0.621, Solana at 15% at $ 67.98, while the Shiba dives above it 21% with its price evaporating to just $ 0.000015.

The fall of Bitcoin over the weekend began when Terra’s stablecoin the UST temporarily lost its hold on the dollar after a series of major liquidations of the Anchor Protocol, and widened when stock indices in Asia opened with significant losses.

At the same time, the US dollar continues to benefit from panic markets, while the Australian dollar and the Indian rupee are showing strong losses.

For his part, billionaire cryptocurrency investor Michael Novogratz, who leads Galaxy Digital Holdings, warns that things will get worse before they improve.

“Cryptocurrencies are likely to move in conjunction with the Nasdaq until we reach a new equilibrium,” Novogratz told analysts on the Galaxy’s first quarter.

“My instinct is that there will be some damage and we will have a very volatile and difficult market for a few quarters at least before people get a sense that we are in balance.”