Bitcoin Slumps to $88,500 Amid Global Market Jitters
Bitcoin's price plummeted to a three-month low of $88,500 on Tuesday as global risk sentiment deteriorated. The cryptocurrency market faced mounting pressure due to technology stocks' downward trajectory and Japanese yen strength sparking concerns about broader market stability.
The world's largest cryptocurrency touched $88,500 during early European trading hours, marking a significant pullback from recent highs. Data from market tracking services confirmed the three-month low amid increasing selling pressure.
Some analysts attribute Bitcoin's weakness to broader monetary conditions, suggesting a lag between global money supply and BTC. Andre Dragosch, head of research Europe at Bitwise, noted that 'the money supply has bottomed out recently, meaning BTC's price swoon may not last for long.'