Bitcoin Price Sinks 10% As Market Braces For Macro Storm Ahead

Bitcoin price has shed 10% in a single day in an increasingly dangerous macro climate. Although the ultra-scarce cryptocurrency is claimed to be a hedge against catastrophic economic events, there is no telling how the volatile asset could react when it does finally arrive. With the stock market on shaky ground and precious metals melting down further, is the top cryptocurrency and the rest its altcoin brethren about to experience a bleed out similar to Black Thursday? Or is this just a shakeout using nervous market sentiment over what ends up being a non-event? And which event are we referring to? Bitcoin Price Sheds 10% Alongside Bearish Stock Market Sentiment The cryptocurrency bull market has been cut short of expectations, causing a consolidation phase and bringing the market to a state of fear. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course As if sentiment wasn’t frightened enough in crypto from the 50% collapse in May, another 20% flash crash weeks ago froze bulls and price action in place. Another try for up over this weekend was promptly rejected with another 10% fall today. Bitcoin price sank by 10%, but has yet to produce new monthly lows | Source: BTCUSD on TradingView.com Are corrections getting smaller, or is there something else going on that could make the 10% only the beginning of something more? A potentially dangerous macro situation could present a mi...