Bitcoin price traded below $19,000 on Wednesday morning, as the leading cryptocurrency plummeted to its lowest level since July, due to a decline in global stock markets and the U.S. dollar’s sustained strength. As of this writing, Bitcoin (BTC) is trading at $18,741, down 5.5% in the last seven days, data from Coingecko show, Wednesday. The last time Bitcoin fell below $19,000 was on July 4, when its price reached $18,600. The current level is a 25% correction from the August 15 rally to $25,000. Prior to reaching $18,600, BTC touched $18,900 in November 2020 en route to its all-time highs of nearly $60,000 a year later. Related Reading: Litecoin (LTC) Near-Term Route Could Be Determined By This Factor Bitcoin Price Feeling The Pressure Of U.S. Market At 7:46 a.m. Eastern Time, BTC was trading about $18,745, a decline of more than 5%, according to CoinDesk data. Ether, which has significantly surpassed Bitcoin’s advances in recent weeks, fell nearly 10% to $1,514. Multiple factors appear to be causing investors to distance themselves from Bitcoin. As usual, the asset’s recent huge volatility is highly associated with the U.S. stock market. Following a turbulent trading session on Wednesday, stocks declined, in part because of worries that the Federal Reserve will continue to jack up interest rates. Since U.S. Federal Reserve chair Jerome Powell’s remarks on August 27 were followed by a $1.25 trillion l...
