Bitcoin This is good information that will help you understand the reason for the decrease

Here's yet valuable information about the composition and reason for the drop 

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Why Did Bitcoin Selloff?

The challenge with Bitcoin is that it's up against many of the same headwinds facing the broader market and other risk assets. One of the themes we have previously covered is Bitcoin's connection to "tech". Crypto as a segment parallels various themes like Web 2.0, blockchain technology, FinTech, and "innovation". High-growth, high-beta and more speculative names in the market have been among the biggest losers this year with Bitcoin in that group.

The latest move lower can be chalked up, in part, to financial market contagion. Simply put, investors facing losses and or margin calls in other assets are forced to exit crypto holdings. The trend of a strong dollar and rising interest rates with the Fed on track to continue its monetary tightening process isn't helping. In other words, bears are in control.

Importance of BTC Breaking Below $30k

For us, the $30k BTC price level represented a proverbial line in the sand. We mentioned BTC is at the lowest level in nearly 18 months. A lot has happened since that massive breakout in the second half of 2020. Speaking of crypto investors being underwater, that includes major corporations which made headlines in 2021 as pioneers of diversifying balance sheet cash holdings into crypto.

Tesla Inc. (TSLA), for example, purchased approximately 46,700 Bitcoins in Q1 last year for $1.5 billion with an average price of around $32,500. With some simple math, the company was briefly sitting on an unrealized loss of more than $330 million when BTC traded as low as $25,401 this week.

Block Inc. (SQ), formerly "Square" invested $170 million in Q1 2021 which also worked as a signal to the market that ~$30k was an important floor pricing in Bitcoin established by major institutions. We can also point to Marathon Digital Holdings Inc. (MARA) as another corporation that planted a flag down right around this same level.

The market respected that technical level in Q2 last year when it first tested $30k before the brisk rally to a new all-time in October. It's different this time, with the move under $30k likely triggering sell signals. The result is that the technical damage will limit the upside for the foreseeable future.