Global asset prices declined for the second consecutive day on Friday as negative news about the U.S. economy continued to emerge, forcing investors to reduce risks and wait for more attractive market conditions.
The S&P, Dow and Nasdaq closed down 1.11%, 0.85% and 0.97%, respectively, sending the U.S. stock market down for the second consecutive week.
The price of Bitcoin (BTC) underwent a sell-off around the same time the U.S. markets opened.
Despite the surge in volatility, the macro picture of Bitcoin has changed little so far as it is still trading in the range it has been in since early November.
Crypto Twitter turns bearish
As a result of Bitcoin's struggles over the past couple of days, the mood on Crypto Twitter has turned bearish, and many are now speculating about the possibility of a drawdown to lower support levels at $15,600 and $14,600.
But not everyone took a negative view, including crypto trader StanTrader, who posted the following tweet highlighting a potential "long" game for BTC.
Altcoins take big losses
Altcoins have largely followed Bitcoin, with less than 10 non-stablecoin tokens in the top 200 showing gains on the day, while the rest suffered losses.
The best performers for Friday included Toncoin (TON), Magic (MAGIC) and Request (REQ), which added 5.74%, 4.31% and 3.31%, respectively. ABBC Coin (ABBC), Energy Web Token (EWT) and TrustWallet Token (TWT) were the biggest losers for the day, losing 12.04%, 9.96% and 9.83%, respectively.
The total market capitalization of cryptocurrencies is now $822 billion, and Bitcoin's level of dominance is 39.6%.