Bitcoin Price Crashes To $19,000, Stays Strong Against Equities

The Bitcoin price has experience volatility over today’s trading session as the cryptocurrency rallied to the $20,000 level. Across social media platforms, some market participants celebrated the bullish price action, but they went silent as BTC stumbled back into its range.

At the time of writing, the Bitcoin price trades at $18,900 with a 1% and 3% loss over the last 24 hours and 7 days, respectively. The benchmark cryptocurrency has been moving sideways trading in a range between its current levels and $19,500.

BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview

Bitcoin Price Stuck In A Range As Global Currencies Trend Downwards

Despite this sideways price action and a persistent downside trend across 2022, the Bitcoin price has outperformed other assets in the legacy financial sector. According to a report from the New York Times, the cryptocurrency has been trading “slightly” in the green while major currencies and indexes record losses.

As the Bitcoin price moves back and forth from $20,000, the Nasdaq 100 records a 10% loss in September. Over the past 30 days, the British Pound from the United Kingdom (GBP), the Euro from the European Union (EUR), the Japanese Yen (JPY), and other global currencies have been traded in the red as BTC moves sideways.

In the past year, these currencies record an 18% to 23% loss against the U.S. dollar. The GBP is one of the worst performers over the past few days as the currency approaches parity with its American counterpart, while the Euro tanked and moved south from its parity with the USD.

Bitcoin Price EURUSD Chart 2 — EUR losing parity with the U.S. dollar and trading at a multi-decade low on the 4-hour chart. Source: EURUSD Tradingview

In the meantime, the U.S. dollar has moved into levels last seen over 20 years ago as macroeconomic uncertainty, and an increase in interest across the world support a risk-off sentiment across global financial markets. These investors seek refuge in the world’s reserve currency.

On the Bitcoin price performance compared to global currencies and the U.S. dollar, BTC bull Michael Saylor wrote:

Over the past year currencies have collapsed against the dollar:

CAD -8%, CNY -9%, AUD -11%, ZAR -17%, KRW -18%, EUR -18%, PLN -21%, GBP -22%, JPY -23%, TRY -52%

Over the past four years the dollar has collapsed -67% against #bitcoin.

— Michael Saylor⚡️ (@saylor) September 26, 2022