Bitcoin Price Drops to $83K as Market Sentiment Shifts Post-Nvidia Earnings
Bitcoin has fallen to $83,000, influenced by a general market decline, particularly in the tech sector. Recent inflation data has led hedge fund founder Quinn Thompson to advise caution with risk assets. He anticipates a potential further decline in Bitcoin’s price towards the $70,000 mark by the end of March due to broader economic challenges.
The Bitcoin price (BTC) has recently dropped to $83,000, with contributing factors including a significant selloff in the cryptocurrency market, led by a 7% decline in the Nasdaq. Quinn Thompson, the founder of Lekker Capital, is advising caution regarding risk assets due to rising inflation data and shifting long-term inflation expectations. The selloff’s acceleration reflects an overall risk-off sentiment in previously strong stock markets, particularly following Nvidia’s 5% decrease after its earnings report.
The continued decline of the Nasdaq, alongside a market correction in stocks driven by overvaluation concerns and President Trump’s tariff threats, positions Bitcoin amidst a challenging landscape. The current situation stems from a greater trend of declining interest in risk assets as investors reflect on the volatile speculative bubble surrounding cryptocurrencies, particularly memecoins.
Quinn Thompson emphasized that all positive news surrounding the crypto market has thus far failed to uplift prices. He stated that investors seem to have overlooked the reality of bear markets and are now facing the possibility of a decrease towards the $70,000 range for Bitcoin by the end of March.
In summary, the Bitcoin price is facing downward pressure amidst a general market selloff, exacerbated by Nvidia’s disappointing earnings and overall macroeconomic concerns. Investors should exercise caution as inflation data complicates the outlook for risk assets. Quinn Thompson’s targets for Bitcoin suggest a potential decline to around $70,000, indicating the necessity for heightened awareness of market volatility.
Original Source: www.coindesk.com
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