Business News Asia
This morning (May 13), the Bitcoin price fell 1.98% to $28,516.7 in Asia before gradually rebounding.
Bitcoin’s negative performance came after the Dow fell 103 points on Thursday (May 12), marking the sixth consecutive day of declines.
- The Dow Jones Industrial Average fell 103.81 points, or 0.33%, to close at 31,730.30.
- The S&P 500 fell 5.10 points, or 0.13%, to close at 3,930.08 points.
- The Nasdaq rose 6.73 points, or 0.06%, to close at 11,370.96.
Movements in the Crypto Market
Cryptomind Group Holdings Ltd. said the Bitcoin price fell to $27,000 from $30,000 after moving recently.
The price decline is considered a normal condition that can occur due to international factors. In particular, investors are concerned about the Federal Reserve’s rate hike and quantitative tightening (QT) cuts, as well as fears of a bubble bursting in the stablecoin LUNA, which has fallen sharply.
Therefore, it is believed that we could see further stagnation in the cryptocurrency market. This leads to a lack of confidence in the market, which could push the Bitcoin price to the lowest level of $20,000.
The Spot Market is Open
Friday, May 13, 2022