Bitcoin’s slipping, and it’s not looking great for the rest of the crypto market either. On Monday, BTC dipped below $94,000, dragged down by shaky U.S. stocks and a wave of bearish sentiment hitting the crypto space.
What’s Going On?
Bitcoin fell to around $93,900 as U.S. stock markets wrapped up the day. That’s a 1.9% drop in the last 24 hours. Meanwhile, Ethereum (ETH) took a bigger hit, sliding 5.9%. The broader CoinDesk 20 Index? Down 5.1%, ouch!
Stocks Aren’t Helping
After last week’s market chaos, U.S. stocks tried to bounce back, but no luck. The Nasdaq closed down 1.2%, and the S&P 500 dropped 0.5%. Not exactly a confidence booster for crypto traders.
Solana Takes the Biggest Hit
If you think Bitcoin’s having a rough time, look at Solana (SOL). It plunged almost 10% in the past day and a staggering 41% over the past month. What’s behind the drop? Besides the cooling memecoin craze, SOL is dealing with upcoming token unlocks in March and a 30% inflation spike due to recent fee structure changes (thanks, SIMD-96).
Market Experts Weigh In
Crypto hedge fund manager Quinn Thompson (Lekker Capital) doesn’t sound too optimistic. He estimates an 80% chance that Bitcoin won’t hit new highs in the next three months and a 51% chance it won’t happen for another year. Yikes.
Macro risks are piling up. Neil Dutta from Renaissance Macro Research warns that the U.S. labor market might weaken, real incomes are slowing down, and local governments are cutting spending. Combine that with tightening monetary policy, and it’s no wonder both stocks and crypto are struggling.
Right now, Bitcoin holding under $94K doesn’t seem like a terrible exit price especially if predictions about a longer crypto winter come true. With SOL and other altcoins taking harder hits, it’s clear that the entire market is feeling the pressure. Buckle up it might be a bumpy few months ahead.
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