Home > Bears decimate European stocks, Bitcoin tumbles below $34K- Market update

Bears decimate European stocks, Bitcoin tumbles below $34K- Market update

  • The Stoxx 600 is down 1.7% as markets fall ahead of Fed meeting and on concerns around Russia/Ukraine

  • Bitcoin has slumped 7% in the past 24 hours, reaching prices around $33,680.

European shares opened sharply lower on Monday following a brutal week for stocks that saw Wall Street battered amid investor concerns on interest rate hikes and geopolitical tensions in Ukraine.

The week sees the macro factors remain key concerns across the European market, with stock indexes falling sharply in early trades.

The pan-European Stoxx 600 index was down 1.7% in the morning session, while across the continent, Germany’s DAX was at -1.5% and France’s CAC had slipped 1.6%. Britain’s FTSE 100 was trending around -0.9%.

Russia’s stock index was down 5% to a 52-week low, highlighting the investor jitters as tensions with Ukraine mount and the US advises its citizens to leave the region.

Markets are also under pressure ahead of the US Federal Reserve’s monetary policy meeting scheduled for Tuesday and Wednesday. The FOMC commentary on the rate hikes is top on investors’ list of things to watch, as will be Fed Chair Jerome Powell’s remarks in a press conference after the two-day meeting.

Asian markets mixed

The declines across Europe also follow a mixed Monday for Asian stocks.

Japan’s Nikkei 225 gained 0.24% and China’s Shanghai composite was largely unchanged at 0.04%. The Shenzhen component rose 0.37%.

On the losing side, South Korea’s Kospi fell 1.49% and Hong Kong’s Hang Seng index slipped 1.24%, while Australia’s ASX 200 dropped 0.51%.

Bitcoin slips below $34,000 as bears run amok

Bitcoin (BTC) has declined more than 20% in the past week as the crypto market sinks deeper into correction territory. The top cryptocurrency, which has lost half of its value from the all-time highs reached last November, has dropped 7% in the past 24 hours.

Ethereum (ETH) has dropped more than 10% in the past 24 hours to slip below $2,300, while all the top 20 cryptocurrencies by market cap are in the red.

Solana (SOL) is down nearly 20% while Cardano (ADA), Polygon (MATIC) and Shiba Inu are all declining by double-digit to highlight the price decimation.

The BTC/USD pair currently hovers around $33,680, having failed to hold onto gains following a brief rebound over the weekend. Bitcoin could slip to support at $30,000, though many analysts say this is an opportunity for investors to buy the dip.

Last week, El Salvador’s president Nayyib Bukele said the country had used the sell-off to add another 410 BTC to their haul.  

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