Bitcoin Price Drops Below $33,200

On Monday, May 9, the Bitcoin exchange rate updated the minimum since the end of January 2022, reaching the level of $33,150. At the time of writing, the price of digital gold grew slightly and held a level near $33,480 (Binance).

According to Coinmarketcap, over the past day, BTC fell in price by 3.59%, and by 13.89% over the week. Following the flagship, all crypto assets from the top 10 by capitalization were in the red zone, with the exception of stablecoins USDT and USD Coin.

Ethereum is trading at $2,438, losing 4.6% in a day and 13.33% in a week. Among the rest of the top 10, Cardano (ADA) fell 7.91%, Solana (SOL) 5.54% and XRP (XRP) 4.86% the most in the last 24 hours.

According to Coinglass, the daily volume of liquidations in the futures market exceeded $270 million. Unfavourable market prospects have led to a drop in the fear and greed index to 11 points (“extreme fear”).

On May 8, Glassnode’s lead analyst, Checkmate, noted that many are waiting for “Bitcoin’s capitulation wick.” It is usually characterized by a relatively long, sudden and catastrophic price drop. As it was, for example, in March 2020.

“If this happens, and this is really a capitulation, most people will not buy (Bitcoin) because the fear is too great. It has always been and always will be,” Checkmate emphasized.

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