Bitcoin Falls Below $38,000 As Tech Stocks Sell-off

The price of Bitcoin fell below $38,000 on April 26 as tech-related stocks were some of the hardest-hit assets. As a result, traders were cautious to see if Bitcoin could hold its “macro-level support” zone. Elon Musk’s purchase of Twitter news created hype in the crypto industry on April 25. Bitcoin and many other altcoins had responded to this, especially Dogecoin, which saw an impressive surge in price. Related Reading | Institutional Investors Bearish On Bitcoin, Ethereum. Here’s What They’re Buying As the hype surrounding Elon Musk’s purchase of Twitter faded, the cryptocurrency market and wider global financial markets fell under pressure on April 26. This caused people to become concerned about the state of the global economy again. The recent fall in cryptocurrency prices was matched by the sharp losses sustained among tech stocks. On April 26, tech-related stock asset Nasdaq lost 4% of its value, hitting a new low of 2022. According to TradingView, Bitcoin (BTC) held support at $40,500 through the early trading hours on April 26. However, in afternoon trading, the price of Bitcoin (BTC) dropped 6.21% to hit a low of $38,009. The decline on April 26 is the continuation of the weakness of financial markets. The stock market has been on a decline this month. The S&P 500 is down 7%. The Nasdaq declined 11%, and the Dow is nursing a 3% loss. The downturn in Faang Stocks (Facebook, Amazon, Apple, Netflix, and...