After rallying on Tuesday, bitcoin (BTC-USD) is threatening to slide below $30,000, another sign that the world’s biggest cryptocurrency doesn’t appear to be a hedge against more traditional assets.
Bitcoin (USD-BTC) is down 5.4% midday Wednesday at the same time that the three main US stock market averages are each down at least 1% – the Dow -1.0%, the Nasdaq -1.2% and the S&P 500 -1.2%. Market volatility continued after JPMorgan CEO Jamie Dimon warned an economic ‘hurricane’ was approaching, citing risks from Russia’s invasion of Ukraine and the Reserve’s tightening cycle federal.
Separately, Elissa Slotkin, a representative from Michigan, introduced a bipartisan bill to require congressional lawmakers to disclose all of their cryptocurrency holdings and transactions and those of their spouses and dependent children, Bloomberg reported.
Other major cryptos are also withering: Ethereum (ETH-USD) 5.6% drop at $1.86,000 Binance Coin (BNB-USD) -5.8%XRP (XRP-USD) -2.4%and Cardano (USD-ADA) -9.8%.
As usual, many crypto-related stocks are falling even further. MicroStrategy (NASDAQ: MSTR) -11%Riot Blockchain (NASDAQ:RIOT) -9.4%Digital Marathon (NASDAQ: MARA) -ten%Coinbase Global (NASDAQ: CURRENCY) -13%.
On Tuesday, bitcoin and cardano rose amid signs the crypto market was at an all-time low