לאַגער מאַרק דראַגס ביטקאָין פּרייַז ווייַטער דרום; וועט דער גאַנג פאָרזעצן?

די קריפּטאָקוררענסי סעקטאָר is still reeling from the shock of FTX, one of the once largest קריפּטאָ יקסטשיינדזשיז, filing for bankruptcy and its CEO resigning, but Bitcoin (בטק) has another thing to fear – its correlation with equities.

Observing the activities of the S&P 500 Index and ביטקאָין side by side, it becomes evident that the flagship digital asset is following the downward pattern of the לאַגער מאַרק, ווי קריפּטאָ טריידער and analyst Josh Rager אנגעוויזן אויף נאוועמבער קסנומקס. 

As he explained, “the biggest concern at the moment for BTC is the stock market,” as:

“Equities fall and Bitcoin continues to fall with it.”

According to Rager’s earlier tweet:

“Personally, the most בעריש case for BTC is the stock market pulling back. The majority of people/funds overleveraged involving FTX meltdown seemed to be overexposed w/ altcoins. Contagion is very real but will this actually create more sell-off on Bitcoin?… worth asking.”

Trading volume soars despite declining price

Meanwhile, the largest decentralized finance (דעפי) asset’s trading volume has hit an eight-year high representing the highest volume in history, despite the continuous downtrend of Bitcoin’s price.

Indeed, Bitcoin was at press time changing hands at the price of $16,540, down 2.49% on the day and 5.42% across the previous week, adding up to the cumulative monthly decline of 15.46%, as per data retrieved on November 16.

After the asset breached the critical $18,000 שטיצן level, fears of further corrections have given טראגט אַ פעסט near-term technical advantage, טראָץ אקסן working to stabilize the market.

Meanwhile, a pseudonymous crypto expert known as וואָנצעס has estimated that Bitcoin needed to hold the level at around $15,800; otherwise, it might continue toward $13,000, as Finbold געמאלדן פריער.

אָפּלייקענונג: דער אינהאַלט אויף דעם פּלאַץ זאָל ניט זיין געהאלטן ינוועסמאַנט עצה. ינוועסטינג איז ספּעקולאַטיווע. ווען ינוועסטינג, דיין קאַפּיטאַל איז אין ריזיקירן.