Leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) are falling alongside stocks amid heavy selling pressure on May 15.
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Bitcoin, the largest cryptocurrency by market capitalization, was down 3% at noon hour and trading around $79,500. BTC has fallen from a high of $82,000 in recent days and leads the downturn in prices for digital assets.
Other cryptocurrencies, including Ethereum and Dogecoin, were down about 4% on the day. ETH was trading at $2,220 at midday as the entire market fell deep into the red. Analysts say risk assets such as stocks and crypto are selling off amid raised expectations for interest rate hikes later this year.
Bitcoin Faces Resistance
inflation-to-drive-an-85000-breakout">The downturn in crypto comes despite the U.S. Clarity Act passing a key vote from the Senate Banking Committee, which moves the bill a step closer to becoming law. The Clarity Act sets out regulations and oversight for crypto and stablecoins, and is see as key to the growing adoption of digital assets.
Bitcoin continues to trade below its 200-day simple moving average as it faces a number of headwinds. BTC faces resistance at $82,000, a level it has been unable to breach in recent weeks despite several attempts to extend its rally.
BTC’s Three-Month Performance
The chart below shows that Bitcoin has recovered in recent months and risen 16.46% in the last 12 weeks as the selloff in cryptocurrencies largely came to an end.
