Bitcoin collapses: lowest level since May reached
Bitcoin fell to its lowest level since May on Thursday evening (CET). It last sold for $98,400.
Values in this article
currency
84,349.8583 EUR -3,246.5953 EUR -3.71%
$98,138.1735 -3,408.9215 USD -3.36%
At the beginning of October, Bitcoin had reached a record high of around $126,000.
Investors are in the grip of monetary policy uncertainties, wrote expert Timo Emden from Emden Research. The markets currently appeared to be balancing on a fine line between uncertainty and recovery. Now long-term investors could also switch to “risk-off mode” and turn their backs on Bitcoin.
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Uncertainty regarding the economic situation and further interest rate cuts by the US Federal Reserve also caused significant losses on the stock market. After the end of the so-called shutdown, investors should expect that there could be poor economic data from the USA again, said market expert Andreas Lipkow. In the past few weeks, many important key figures have been canceled due to the government blockade, including the job reports, which are particularly important for the Fed.
Market participants feared that new economic data could further cloud interest rate cut fantasies, Emden continued. As long as the numbers weren’t on the table, investors could have maintained the illusion that everything seemed to be going well. This illusion now seems to be crumbling.
/he/tih
NEW YORK (dpa-AFX)