Follow us on Telegram for the latest Tech news and reviews


Bitcoin drops to its lowest level in 18 months


Bitcoin has plunged to its lowest level in 18 months today. The world’s largest cryptocurrency dropped by as much as 8/9% to $24,903.49. This is its lowest level since December 2020 and has impacted other cryptocurrencies as well.

“Cryptos remain at the mercy of the Fed and stuck in a merry dance with the Nasdaq and other risk assets,” said Antoni Trenchev, co-founder and managing partner of crypto lender Nexo.

“We’re hearing Bitcoin forecasts in the mid-teen and single-digit thousands which tells you the type of macro environment crypto is facing for the first time — and the levels of fear.”

Traders are boosting bets for a more aggressive pace of Federal Reserve tightening after data Friday showed US inflation jumped to a fresh 40-year high in May according to Bloomberg.

“Typically, I’d suggest being a buyer here” on Bitcoin futures, said Rick Bensignor, president of Bensignor Investment Strategies and a former strategist at Morgan Stanley.

“But if you do get long, perhaps think about doing so with either a long call spread or short put spread to limit risk. If this dives, there’s no reliable support nearby.”

Other coins were also having a difficult time, with Ether off as much as 12% to its lowest level since February 2021. Avalanche dropped as much as 15%, Solana up to 14% and Dogecoin as much as 11%.

“If Ethereum continues to bleed toward $1,200 (the 200-week moving average) the outlook for other altcoins becomes even bleaker,” Trenchev said.

Read: Everything You Need To Know Before You Start Trading Bitcoin In Kenya

About author

Tech Arena is an independent technology news website that mainly covers social media news, mobile and gadget news and reviews, apps and software among others. The site focuses on tech news from all over the world that directly impact Kenya.
    Related posts

    Centi and Centbee Empower African Diaspora with Affordable Blockchain-Based Transfers


    Liquid Dataport Launches Its Shortest Fibre Route Connecting the East Coast to the West Coast of Africa


    Google's Project to Empower the Visually and Hearing Impaired in India, Brazil, and Kenya


    LG Electronics Dominates the OLED TV Market with Unrivaled Innovation

    Sign up for our Newsletter and
    stay informed