The latest decline left bitcoin at a 10-month low and its lowest price this year.the largest cryptocurrency by market cap fell below the $30,000 threshold was on July 20, 2021, when it hit $29,301 before rebounding."The recent crypto slide is strictly based on the tech share-led sell-off and not fundamentals for the cryptoverse. Bearish momentum could take bitcoin towards the $28,500 level, but that might start to be where some long-term bets come into play.
As part of this market sell-off, the correlation coefficient between bitcoin and the Nasdaq hit an all-time high of 0.8, according to data firm Kaiko. This is considered to be a strong positive correlation.