MARKET WRAP: Bitcoin $BTC and other cryptos were a sea of red on Friday along with equities. Analysts expect some stabilization, although there is risk of further declines.
The crypto market was in a sea of red on Friday as bitcoin, the world's largest cryptocurrency by market capitalization, tumbled more than 10% over the past 24 hours.
It appears that global investors have entered the year with a reduced appetite for risk, and so the correlations between speculative assets such as cryptocurrencies and equities have increased, which results in widespread losses. Bitcoin is down roughly 40% from its all-time high of almost $69,000, while the S&P 500 is down about 7% from its peak, compared with a 10% drawdown in the Nasdaq 100 Index.
Alternative cryptocurrencies led the way lower on Friday given their higher risk profile relative to bitcoin. Ether, the world's second-largest cryptocurrency by market cap, was down about 13% over the past 24 hours, compared with a 14% drop in AVAX and a 16% drop in FTM over the same period. Despite the losses, some analysts still foresee a short-term bounce."We expect BTC to find a bid around the $35K mark, close to 50% from the top.
, a technical research firm, wrote in a Friday briefing. Stockton assigns a 30%-70% probability of a continued breakdown below current BTC price levels.
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