The drop in bitcoin, the world’s largest cryptocurrency, mirrors the drop in the stock market.
Photo:
Kin Cheung / Associated Press
The crypto market fell over the weekend, reflecting the broader stock market slide.
The world’s largest cryptocurrency, bitcoin, fell to $33,840 on Sunday afternoon, a 6% change from Friday night, according to prices from CoinDesk. Bitcoin’s price is almost half of its all-time high of $67,802.30 in November.
Be more professional investors entered the cryptocurrency market, it is increasingly moving in tandem with traditional markets. Institutional investors who buy cryptocurrencies treat them as risky assets, similar to technology stocks.
The stock market fell last week, a day after the Federal Reserve announced an increase of half a point, the largest since 2000, to combat inflation. The central bank is also settling some of its $9 trillion portfolio of assets. Fed Chairman Jerome Powell said there could be more increases in the summer.
Investors was less enthusiastic about risky bets amid the stock market decline. The tech-heavy Nasdaq Composite hit a 52-week low on Friday, falling to 12144.66. As of now, it is down 22%.
The crypto market was active over the weekend with $100 billion in market volume, according to CoinMarketCap. The global cryptocurrency market is currently $1.6 trillion.
Etherium, the second largest cryptocurrency, was priced on Sunday afternoon at around $2,519.07, down 6.8% from Friday at 5pm EDT.
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