Bitcoin's Rally Falters as Stock Markets Drop, with Altcoins Tumbling Harder
Bitcoin

Bitcoin's Rally Falters as Stock Markets Drop, with Altcoins Tumbling Harder

1 Minuten
2 months ago

On Wednesday, the S&P 500 shed 1.6% after gloomy economic data from the U.S. revealed that retail sales fell more than expected in December.

Bitcoin's Rally Falters as Stock Markets Drop, with Altcoins Tumbling Harder

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Bitcoin's incredible winning streak has come to an end, with the world's biggest cryptocurrency falling from fresh 90-day highs of $21,564.

At the time of writing on Thursday, BTC has slumped to $20,695 — a sign that the digital asset has become overbought after a stunning rally to start the year.

But the crypto markets weren't alone, with global stocks also taking a tumble amid renewed fears that a recession is just around the corner.

On Wednesday, the S&P 500 shed 1.6% after gloomy economic data from the U.S. revealed that retail sales fell more than expected in December.

Meanwhile, a number of economists have warned that the Federal Reserve is likely to increase interest rates a few more times this year.

Crypto-specific headwinds, such as reports that Genesis is on the verge of filing for bankruptcy, could also affect Bitcoin's performance in the short term.

While Bitcoin has fallen by 2.6% over the past 24 hours, many major altcoins are nursing even bigger losses. Ether's down 4%, Dogecoin by 7%, and Shiba Inu by 10%.

And Solana, which has delivered face-melting returns over recent weeks, slid by 9%.

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