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Bitcoin collapsed on Thursday to the maximum in almost a month amid the sell-off of risky assets. BTC lost 7.7%, ending the day at about $40,700. Ethereum fell by 7.7%, other leading altcoins from the top ten also declined: from 5.4% (Binance Coin) to 8.5% (Terra).
The total capitalization of the crypto market, according to CoinGecko, sank by 7.3% in a day, to $ 1.94 trillion. Bitcoin was sold more actively than altcoins, which led to a decrease in the bitcoin dominance index by 0.3%, to 39.8%. The cryptocurrency fear and greed index collapsed by 22 points to 30, returning to a state of fear.
Bitcoin has clearly lost the functions of a protective asset recently, showing almost no correlation with gold, which was in high demand on Wednesday and Thursday.
The technical picture looks bearish in the short term. Bitcoin did not stay above the 50-day average and fell below the previous local lows. It is quite possible that from the end of January to the middle of February we saw a pullback after the momentum of the decline, and now a new step down is being formed.
JPMorgan Bank indicated that crypto assets will be negatively affected by the tightening of US monetary policy. This approach puts crypta on a par with growth companies, which have also come under increased pressure amid rising market interest rates in recent weeks.
Charles Munger, an associate of legendary investor Warren Buffett, compared cryptocurrencies to a "venereal disease" and praised China for banning them. According to him, cryptocurrencies are used by hackers, criminals, as well as those who evade taxes
