Bitcoin (BTC-USD) trades lower by 1.3% and has now stumbled to a two and a half month trading low as the cryptocurrency dipped down to $18,500 earlier on Wednesday. The drop in price has sent the overall market value for the digital token back below $1T.
BTC-USD has declined by 6.6% to start off the month of September. The selloff has pushed BTC-USD down near its year-to-date low of $17,588, which was recorded back in mid-June. If Bitcoin were to break below its 2022 lows, the next stop would be levels not seen since December of 2020. (SA contributor Dang Quan Vuong recently looked at bitcoin and dove into risks of GBTC.)
Bitcoin remains under pressure as broader markets face a rising rate environment and a risk-off sentiment from Wall Street.
Bitcoin is not the only cryptocurrency to find itself on its backfoot. On the year, other digital assets like Ethereum (ETH-USD), Shiba Inu (SHIB-USD), Cardano (ADA-USD), Uniswap (UNI-USD), and Avalanche (AVAX-USD) are all lower.
Year-to-date price action: BTC-USD -60.3%, ETH-USD -60.5%, SHIB-USD -64.7%, ADA-USD -66.7%, UNI-USD -68.2%, and AVAX-USD -83.8%.
As the crypto market faces continued pressure, investors look elsewhere to bet against the space. As a result, investment products betting against Bitcoin saw record inflows of $18M last week.