Bitcoin Falls to Lowest in a Month as Risk Aversion Takes Toll
- Bitcoin breaks key technical support, altcoins see bigger drop
- Thin liquidity over the long weekend accelerates price decline
Bitcoin dropped to its lowest level in more than a month and other digital assets tumbled as investors’ tendency toward risk aversion, combined with the lack of a clear catalyst for buying, drove the market lower.
The largest cryptocurrency fell as much as 4.2% to $38,580 on Monday while Ether -- the No. 2 digital asset -- dropped 5.3%, declining to as low as $2,885; both regained some ground in the New York morning. The global crypto market’s value dropped about 4% in the past 24 hours to $1.9 trillion, according to pricing from CoinGecko. Altcoins were among the biggest decliners, with Bitcoin Cash, EOS and Ethereum Classic each decreasing more than 6% at one point. Shiba Inu also fell, giving up some gains after surging last week following its listing with Robinhood.