Cryptocurrency News, Cryptocurrency Price Analysis

Bitcoin (BTC) Drops $2K Following Rejection Near $40K; HK Hang Seng Slumps to 6-Year Low

Asian Stocks Plunged Yesterday and Today, Bitcoin As Tried to Hit $40K But Failed

Bitcoin (BTC) attempted to challenge the $40K market but failed and lost roughly $200. Surprisingly, the latest price plunge came as Hong Kong’s index, Hang Seng, sees substantial losses, dumping to its 6-year lows on Tuesday.

Bitcoin Encounters Rejection at $40K

The primary crypto remained relatively calm within the past couple of days. BTC consolidated at the $39K mark with a few slight up and down price actions. Yesterday’s session saw Bitcoin falling to $37K before rising to the mentioned level again. The following hours saw the crypto on another upward move, exploring areas beneath $40K.

However, weakness by BTC saw it dropping by over $1,500, currently hovering beyond $38K. That had Bitcoin’s market capitalizations on a slight drop no near $730 billion.

Meanwhile, Asian stocks witness increased volatility amid concerns that China’s companies might encounter scrutiny if the nation helped Russia during the conflict against Ukraine.

The Hong Kong Hang Seng led the losers today, plunging by over 6% towards a 6-year low. Its tech subsidiary, Hang Seng Tech Index, recorded a double-digit loss, experiencing the worst days since 2020, its inception.

Alts on Downtrends

The altcoin market mimicked Bitcoin’s performance. Ethereum climbed to challenge the $2.7K mark a couple of days ago but declined towards $2.6K yesterday before an additional 3% drop has it hovering around the $2.5K mark on Tuesday.

Shiba Inu, Ripple, Cardano, Solana, Polkadot, MATIC, and Dogecoin saw similar price plunges on a daily scale. Avalanche plunged towards $66 following a 5% plummet.

EGLD is one of the few tokens hovering in the green, following its 6.5% price hike that had it approaching the $150 mark. The current market reactions had the cumulative crypto market capitalization declining by around $50 billion, staying around $1.72 trillion at this publication.

For now, financial markets appear weak. That comes as inflation worries and geopolitical war between Ukraine and Russia continue ruining sentiments. Investors may have to wait for lucrative developments before executing any positions.

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