Bitcoin Is Steady Above $29,000. Cryptos Are Holding Up as Stocks Sell-Off

May 19, 2022

Bitcoin Is Steady Above $29,000. Cryptos Are Holding Up as Stocks Sell Off

In principle, Bitcoin (BTCUSD) and other cryptocurrencies are expected to trade independently of traditional financial markets. In actuality, a strong connection with equities, particularly technology stocks, has weighed on digital assets. But not as much as it might.

Bitcoin's price has risen in the last 24 hours and is now well above $29,500. The largest cryptocurrency's relative strength comes amid a rough day for US markets on Wednesday, with a selloff that continued into Thursday.

The Dow Jones Industrial Average fell 3.6 percent, and the S&P 500 fell 4 percent on Wednesday, marking the indexes' worst performances since June 2020. The 4.7 percent drop in the Nasdaq Composite (COMP) was only the worst since two weeks earlier, highlighting the pressure on tech stocks and correlated cryptos. The Dow Jones Industrial Average dropped more than 400 points in the early Thursday trade.

"Bitcoin is a volatile asset that is subject to greater suffering if the de-risking continues," said Edward Moya, an analyst at broker Oanda, late Wednesday. However, cryptos appear to be pretty strong.

While Bitcoin remains at its lowest levels since late 2020, changing hands at less than half the record high of $69,000 hit in November 2021, it hasn't dropped much farther after last week's cryptocurrency meltdown.

Bitcoin fell around $26,000 at the week's lows but has stabilized at $29,000 since Monday. Over the same timeframe, the S&P 500 has fallen 3%.

Other cryptocurrencies were similarly unmoved. Ether (ETHUSD) fell 1% to trade below $2,000. The token that powers the Ethereum blockchain network was trading above its recent low of $1,800, but it is still down by one-third from two weeks ago.

Smaller cryptos, or altcoins, had similar results. Cardano and Solana both fell by roughly 1%, while Avalanche fell by 7%.

Memecoins, which were created as jokes rather than real attempts to build viable currencies, were somewhat lower. Dogecoin and Shiba Inu were both about 2% into the red.

Terra (TerraUSD), a stablecoin created to be tethered to the US dollar but plummeted less than two weeks ago, triggering the cryptocurrency selloff, was trading at 8 cents. Luna (LUNAUSD), a comparable token that uses an arbitrage market mechanism to keep Terra stable, was trading at one-hundredth of a cent. It was worth $80 two weeks ago, making it one of the most expensive digital assets.

Subscribe Our Newsletter

Brands_Face_Serious issues

Milena

Brands Face Serious Issues With The New Twitter Verification

A crowd of impostors caused the social network to briefly stop its delivery of verified badges for $8 monthly subscribers.

Companies
3 Assets That Have The Most To Fear From The Fed
3 Assets That Have The Most To Fear From The Fed

The market convulsed last week at the prospect of the Fed shifting away from crisis-era stimulus toward tightening for fighting inflation, with equities dropped at the prospect of higher interest rates.

Banks and Finance
Get the ultimate solution: B2BinPay Get the ultimate solution: B2BinPay
Sponsored
Alexander

What is a Liquidity Sweep? How to Trade It?
Discover the concept of liquidity sweep and how it can affect the markets. Learn how to identify and trade this market phenomenon for potential profits.

discover
How to Spot Cryptocurrency Scams

Alexander

How to Spot Cryptocurrency Scams

The cryptocurrency world is still relatively new and uncharted territory. Many of the concepts at play in this new economy can be complex and difficult to understand. This can make it challenging for those who are new to the space to get a grasp on how everything works.

Blockchain
Contact us bg

Contact Us

Contact the Liquidity Provider
for any questions and advertising inquiries

    Please fill out this contact form to get in touch with us

    / 3000

    By clicking “Get in touch” button, you agree to the privacy policy

    Successful!
    Thank you for your request.
    We will contact you shortly.
    Close

    Alexander

    What Is an Interest Coverage Ratio? How to Use This Financial Metric to Evaluate Company Health

    Interest Coverage Ratio Explained

    Hazem

    After-Hours Trading: Can You Trade After Financial Markets Close?

    After-Hours Trading Explained

    Alexander

    How to Scale a Crypto Exchange Business and Stay Competitive

    how to scale crypto exchange business

    Constantine

    Crypto CrypticStreet Review: The Future of DeFi and Secure Crypto Trading

    Crypto CrypticStreet Review: The Future of DeFi and Secure Crypto Trading

    Alexander

    Bitcoin Power Law Explained: How It Shapes BTC’s Long-Term Growth

    Bitcoin Power Law Explained: How It Shapes BTC’s Long-Term Growth

    Hazem

    Megaphone Pattern​: What Is It? How to Use It In Trading

    Megaphone Pattern​: How to Read & Trade with It

    Constantine

    Top 5 Liquidity Bridge Providers in DeFi

    Top 5 Liquidity Bridge Providers in DeFi

    Hazem

    Max Funded IUL Explained: Is It a Legitimate Financial Strategy?

    Understanding Max Funded IUL

    Alexander

    Tax Refund Timeline: When Will You Get Your Tax Return?

    how long does it take for tax refund

    Constantine

    Crypto Liquidity — What is it, and How to Measure It?

    What is Crypto Liquidity and How to Measure It?

    Constantine

    AI in Finance: A Game-Changing Trend Shaping the Industry

    AI in Finance

    Hazem

    5 Ways to Make Money with ChatGPT and Build Your Wealth

    Make Money with ChatGPT

    Constantine

    Top AI Companies to Invest in April 2025

    Top AI Companies to Invest in March 2025

    DeepSeek vs ChatGPT: Which AI Technology is Better For You?

    DeepSeek vs ChatGPT: Feature-by-Feature AI Tool Comparison

    Constantine

    Top Solana Meme Coins in 2025: Best Presales and Where to Buy

    Solana Meme Coins 2025

    Alexander

    How Renewable Energy Stocks Can Supercharge Your Portfolio

    How Renewable Energy Stocks Supercharge Your Portfolio

    SEC Crypto Regulations: What Financial Advisors Need to Know

    SEC Crypto Regulations: Insights for Financial Advisors

    Hazem

    The Cup and Handle Pattern – How Trade Using This Bullish Indicator?

    Cup and Handle Pattern – How to Predict Price Breakouts?

    Hazem

    Year-Over-Year (YoY): What It Means? How It’s Used in Finance?

    Year-Over-Year (YoY): How to Calculate Business Performance?

    Constantine

    What is WAGMI and NGMI? Understanding Crypto Slangs

    WAGMI vs. NGMI

    Alexander

    Litecoin Mining Guide: How to Get Started in 2025?

    Litecoin Mining Guide: How to Get Started in 2025?

    Constantine

    What is Thruster (THRUST): An Advanced AMM for the Blast Ecosystem

    Thruster (THRUST): How Does it Revolutionise DeFi?

    Constantine

    How Does Polymarket Work? Detailed Guide

    How Does Polymarket Work? Comprehensive Guide

    Constantine

    Coinbase vs. Сoinbase Pro: Which Platform is Right for You?

    Coinbase vs. Coinbase Pro
    liquidity-provider-logo
    • News
      • Stock Market Forecast
      • Stocks
      • Banks and Finance
      • Companies
      • Crypto
      • Forex
      • AI
      • Technology
      • DeFi
      • NFT
    • Articles
      • Crypto Payments
      • Trading
      • Crypto Exchange Business
      • Forex Business
      • Fintech
      • Liquidity
      • FinTech Awards
      • Blockchain
      • Investing
      • NFT
      • DeFi
    • More
      • Videos
      • Liquidity Providers List
      • Crypto Payment Providers
      • White Label Brokerage Platforms
      • Broker CRM Platforms
    [email protected]

    © 2024 Liquidity Provider. All Rights Reserved

    Privacy Policy Cookie Policy
    This site is registered on wpml.org as a development site. Switch to a production site key to remove this banner.