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Bitcoin falls below $46K since there are no safe havens among the top cryptocurrencies.
Bitcoin is not receiving enough support as traders flee riskier assets.
Bitcoin falls amid a global market sell-off.
Bitcoin recently fell below the $46,000 support level as traders fled riskier assets due to concerns about the spread of Omicron.
Traders are selling risk in general. Stocks, commodities, and cryptocurrencies are all under pressure, while safe-haven US Treasuries are gaining ground.
While some crypto aficionados suggested that cryptocurrencies may serve as safe-haven assets during times of uncertainty, shielding investors from panic selling in other asset classes, recent trade activity demonstrates that financial markets see cryptocurrencies as one of the most dangerous asset classes.
The most important currencies, like as Bitcoin, Ethereum, Binance Coin, and Solana, are falling in value. Meme currencies, Dogecoin, and Shiba Inu are also under attack. The current decline is quite wide, indicating that traders are unwilling to focus on coin-specific triggers and sell major cryptocurrencies as a group.
