Bitcoin is extending lower, hitting US$33.5K

BTC/USD slid over the weekend after a poor showing from the middle of last week.

On the weekend it dropped hard (see chart below) and is extending as I update:

There are various narratives floating around to explain its losses. Let me add in a factor that has been at play for a good long time. Crypto enthusiasts have craved mainstream and institutional acceptance. As this has been received (albeit in a slow and limited fashion) BTC is trading more like an emerging market. Its volatile and suffers when the USD is bid. That's not gonna explain everything but I'd suggest its a factor at play.

eur EUR The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value Read this Term