Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Bitcoin Approaches 2022 Lows Ahead Of Weekend

Published 05/06/2022, 02:07 PM
Updated 07/09/2023, 06:31 AM

Bitcoin shed more than 10% Thursday, while staying under pressure ahead of the weekend. The BTC/USD struggles to regain $36,000 after notching February lows around $35,500 earlier on Friday, the biggest one-day drop since the start of the year.

Similarly, global equity markets stay under pressure after Wall Street witnessed a major sell-off yesterday. The downbeat tone surrounding stocks and other risky assets persisted after fresh data out of the United States showed the economy created 428,000 jobs in April versus 390,000 expected. In general, markets didn’t see any notable reaction to the release, while the dollar failed to capitalize on a strong headline figure as the unemployment rate remained unchanged at 3.6% versus the expected drop to 3.5%.

U.S. stock markets opened lower today, with the tech-heavy Nasdaq Composite leading the losses again. Being in a tight correlation with the index as of late, Bitcoin looks set to stay on the defensive as long as U.S. equities remains confined to this year’s bearish trend. On the downside, the inability to hold above the $35,500 threshold would pave the way towards 2022 lows seen just below $33,000 in January. The developments over the weekend will set the tone for the crypto space. Negative news would add to the selling pressure in the market.

Ethereum, the second-largest cryptocurrency, suffered similar losses. The price of ETH fell below the $3,000 mark to register mid-March lows around $2,628 in recent trading. The digital currency could be set to extend the decline in the near term, with focus shifting towards the $2,600 support zone, followed by $2,400.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.