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Bitcoin Briefly Drops to $35,720 as Extreme Fear Sweeps Through Crypto Market

Fri, 05/06/2022 - 13:00
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Yuri Molchan
Flagship digital currency loses another $1,000 of its value but quickly recovers loss
Bitcoin Briefly Drops to $35,720 as Extreme Fear Sweeps Through Crypto Market
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Bitcoin has slipped below the $36,000 level, losing another 2% earlier today, hitting $35,780.

By now, the price of the leading digital asset has recovered its losses, rising to $36,548 as a green hourly candle has appeared on the chart.

Image via TradingView

BTC started going down on May 5, printing massive red candles that took it from $39,500 down to $36,386—minus nearly 8% from the market price. This was the day when the Fed announced a massive historic rate hike of half a basis point in an attempt to fight the rapidly growing inflation.

The stock market with the major indexes, such as the Nasdaq 100 and S&P 500, also dropped heavily yesterday.

$400 Million Liquidated on Crypto Market as Bitcoin Plunges to $36,000

In addition to that, the Fear and Greed Index for Bitcoin is showing 22, which signals "extreme fear," meaning that investors are frightened and could present a buying opportunity.

On May 5, prominent Bitcoin hater Peter Schiff tweeted that he expects investors to keep selling their cryptos as they would need cash to pay the rising household bills. He pointed out the fact that Bitcoin and shares of crypto-related companies are plunging and the whole space will soon be exposed as "malinvestment."

In January this year, he voiced his expectations of Bitcoin going below $30,000 and then heading down to the $10,000 level.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at