Bitcoin fell as much as 4.5 percent on Tuesday, selling at around $48.5k at 6 p.m. West African time. Ether, the world’s top altcoin by market cap, was also in the red, plummeting more than 3%.
According to FTX Exchange, smaller tokens such as Solana, Cardano, Polkadot, and meme currency Dogecoin all plummeted on Tuesday.
Crypto investors, particularly whales, have been withdrawing from speculative markets recently, concerned that the central banks’ stimulus program is coming to an end.
The extent to which Bitcoin and the broader crypto world are vulnerable to this danger is a contentious question.
Bitcoin values have historically mirrored the price of riskier assets such as US equities. However, that tendency is beginning to change this month.
The S&P 500 index of the top corporations is up approximately 5% since the beginning of December, while bitcoin is down around 10%.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator and a recipient of the D9112 Superstar Icon Award, who writes ruthlessly about pop culture, religion, politics and entertainment.
