#البيتكوين drops to below 85 thousand Dollar amid pressure on the market #الكريبتو

Cryptocurrencies recorded a sharp decline on Monday, with #Bitcoin dropping nearly 7% to below 85,000 Dollar, reaching 84,817 Dollar, while #Ethereum fell to around 2,800 Dollar, and #Solana recorded a decline of 8.4%.

This decline comes after weeks of a selling wave that began with a loss of about 19 billion Dollar from leveraged bets in October, just days after Bitcoin reached its all-time high of 126,251 Dollar.

Bloomberg noted that traders are closely monitoring the market, with expectations for Bitcoin to reach a support level of $80,000, amid a lack of buyers at dips and reduced inflows to Bitcoin exchange-traded funds.

Cryptocurrencies have also been affected by fluctuations in global markets, as Japanese stocks declined and the yen rose after the Bank of Japan's statements regarding interest rate hikes, while S&P downgraded the stability rating of USDT, and China issued a warning about the risks of virtual currencies, including stablecoins.

All these developments have put pressure on the crypto market, amid expectations of more volatility in the upcoming period.

Source: Bloomberg+ Coin, MarketCap.
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