Daily Times

Bitcoin on Thursday fell below $19,000 as the world’s largest digital currency remains under pressure from macroeconomic worries and a liquidity crisis among high-profile crypto companies. Bitcoin was last trading 6pc lower at $18,930.00, according to Coin Metrics. The digital currency is down around 58pc this year alone and has fallen more than 70pc from its all-time high of $68,990.90 that was hit in November. “Bitcoin continues to be under pressure as other assets are. The mix of high inflation, rising interest rates and recession weigh on cryptocurrencies,” Yves Longchamp, head of research at digital asset-focused SEBA Bank, told CNBC via email. Global stock markets remain under pressure with the S&P 500 in the U.S on track for its worst first half of the year since 1970. Bitcoin has been closely correlated to the movement of equity indexes and in particular the Nasdaq. Stocks have been under pressure which has weighed on the price of bitcoin.