The Bitcoin price dropped to an intraday low of $18,962 on the Bitstamp exchange.
The world’s largest cryptocurrency is down 7.39% over the last eight days after reaching $20,469 on Oct. 4.
The cryptocurrency is currently down 72.4% from its all-time high peak.
This week, investors and traders should expect more volatility. On Thursday, the Bureau of Labor Statistics will publish the highly-anticipated consumer price index (CPI) print for September. It will set the stage for the U.S. Federal Reserve’s next rate hike.
The central bank is widely expected to increase the benchmark interest rate by another 75 basis points. Many experts believe that the federal funds rate is expected to rise to the 4.25%-4.5% range by the end of 2022.
According to the fear and greed index, market sentiment remains in 'extreme fear" territory after bulls failed to gain a foothold above the $20,000 level.
Such extremely bearish sentiment has persisted throughout 2022, with the Fed's hawkish monetary policy being seen as the main headwind for the clobbered cryptocurrency market.
As reported by U.Today, the price of Bitcoin dropped to an intraday low last week after the U.S. Labor Department reported higher-than-expected jobs growth, thus surprising the market.
As reported by U.Today, crypto billionaire Mike Novogratz has repeatedly forecasted that top coins are unlikely to recover without a much-anticipated Fed pivot, which is unlikely to happen due to the tight labour market.