Bitcoin, the largest cryptocurrency by market capitalization, fell below $42,000 on Monday. Ether dropped under $3,200, while most of the other leading altcoins stayed in the red. JPRubin23 reports
Crypto prices sagged on Monday, a national U.S. holiday honoring civil rights activist Martin Luther King Jr., and showed few signs of reversing any time soon.
Equity markets were shuttered on the holiday, offering a respite from the recent drumbeat of bad news that seems to be increasingly intertwined with crypto pricing. The Wall Street Journalthat about 220 U.S. publicly traded companies with market capitalizations over $10 billion have fallen 20% from their peaks and that the S&P 500 and Nasdaq had declined 2.2% and 4.8%, respectively.
Pankaj Balani, CEO of the crypto derivatives exchange Delta Exchange, said that bitcoin is vulnerable to falling further because buying demand is absent."We are not seeing any bottom fishing at these levels, and the interest to own bitcoin risk around $40,000 remains low," Balani told CoinDesk's Omkar Godbole in a WhatsApp chat."We could retest $40,000 and should that break, we can see a fresh round of selling come through.