Cryptocurrency market keep sliding From last week, reflecting the fall of the broader stock market.
The world’s largest cryptocurrency, Bitcoin, It dropped to $31,075.70 On Monday, it’s down 10% from Sunday at 5 p.m. ET, according to prices from CoinDesk. Bitcoin price is down 54% from its high of $67,802 in November.
It’s on track to perform its worst five-day period since the five days ended on March 16, 2020, when it was down nearly 38%.
Ethereum, the second largest cryptocurrency, fell on Monday to $2,286.10, nearly 10% below the price on Sunday evening.
Bitcoin and cryptocurrencies are widely known for their violent price swings. Individual investors have dominated the market for years but institutional investors, such as hedge funds and money managers, I started controlling him.
With more and more professional investors in cryptocurrency trading, the market is increasingly moving in tandem with the traditional markets. Many institutional investors who buy cryptocurrencies treat them as risk assets, similar to technology stocks. Investors Tends to retreat to safer corners From the market during turbulent fits.
The stock market fell last week the day after the Fed’s announcement Half a point increment, the largest since 2000, to fight inflation. Fed Chairman Jerome Powell said there may be additional increases over the summer. The central bank is also unwinding some of its $9 trillion asset portfolio.
The tech-heavy Nasdaq Composite hit a 52-week low on Monday, down 26% year-to-date.
Cryptocurrency prices remained stagnant throughout most of 2022 as investors braced for higher interest rates. The crypto market has been active over the past 24 hours, with nearly $155 billion in market size in that period, according to CoinMarketCap. The global crypto market has fallen to $1.4 trillion.
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It appeared on May 10, 2022, print edition with the title “Bitcoin Price Drops 55% From Its High”.
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