Bitcoin price today: The world’s largest cryptocurrency has slipped below the $80,000 level on 1 February, trading at $78,566.83, down 6.55% over the past 24 hours, according to data on CoinMarketCap.
At time of writing, Bitcoin’s market capitalization was down 6.6% to $1.56 trillion, with trading volumes over the past 24 hours up by 2.2% to $71.78 billion, the data further showed. This is the lowest the token has been since 21 November.
Bitcoin hit by wider markets rout?
Bitcoin continued its bearish trend, down 6.09%, underperforming the broader crypto market’s 5.89% drop. Over the past seven days, BTC has slipped 11.6% amid $770 million liquidations forced selloffs, key support breaks and market sentiment of extreme fear (18/100), which fueled risk aversion.
The token has also been on a downward move amid wider route in the commodity markets, which saw gold and silver prices crash from record highs. The yellow metal sank over 12% below $5,000 an ounce — its biggest daily decline since the early 1980s; while silver crashed over 36% in its biggest intraday decline ever.
The selloffs came after United States President nominated former Federal Reserve Governor Kevin Marsh to replace Jerome Powell as Chair of the US central bank.
Why Kevin Marsh’s nomination caused panic in crypto markets?
According to a Reuters report, crypto investors are worried that as Fed chief Kevin Marsh might righten cash in the US financial system. He has called for a regime change and smaller Fed balance sheet, among other things, it added.
Bitcoin and other cryptocurrencies made big gains amid broad Fed infused liquidity in the money markets, which allowed for more speculative investment bets when choosing assets, the report noted.
Crypto prices today: Ethereum, XRP, Binance, Tether
Ether also fell 11.76% to $2,387.77 on Saturday afternoon.
