Bitcoin hits 16-month low as tech selloff rattles crypto market
Bitcoin dropped to a 16-month low of $60,000 this Friday, before bouncing back a bit to $64,153. That follows weakness since peaking last October.
The entire crypto market has shed $2 trillion since October, with over $1 trillion gone in just the past month.
Bitcoin's fall is not an isolated incident
If you're into crypto, you've probably noticed things feel shaky. Big tech stock selloffs are spilling over into crypto, causing people to pull out fast and triggering more volatility.
Even US spot bitcoin ETFs witnessed outflows of more than $3 billion in January.
Ether also suffers from the same fate
It's not just about Bitcoin itself: falling tech stocks set off a chain reaction that led traders to quickly dump risky assets like crypto.
Ether (ETH) is feeling the pain too, hitting a 10-month low as selling pressure ramps up across the board.