Bitcoin (BTC-USD) trades lower by 1.3% and has now stumbled to a two and a half month trading low as the cryptocurrency dipped down to $18,500 earlier on Wednesday. The drop in price has sent the overall market value for the digital token back below $1T.BTC-USD has declined by 6.6% to start off the month of September. The selloff has pushed BTC-USD down near its year-to-date low of $17,588, which was recorded back in mid-June. If Bitcoin were to break below its 2022 lows, the next stop would be levels not seen since December of 2020.Bitcoin remains under pressure as broader markets face a rising rate environment and a risk-off sentiment from Wall Street.Bitcoin is not the only cryptocurrency to find itself on its backfoot. On the year, other digital assets like Ethereum (ETH-USD), Shiba Inu (SHIB-USD), Cardano (ADA-USD), Uniswap (UNI-USD), and Avalanche (AVAX-USD) are all lower.Year-to-date price action: BTC-USD -60.3%, ETH-USD -60.5%, SHIB-USD -64.7%, ADA-USD -66.7%, UNI-USD -68.2%, and AVAX-USD -83.8%.As the crypto market faces continued pressure, investors look elsewhere to bet against the space. As a result, investment products betting against Bitcoin saw record inflows of $18M last week.
