Bitcoin is a volatile asset, and has been known to swing more than 10% higher or lower in a single day.
Jakub Porzycki | Nurphoto | Getty pictures
Bitcoin continued to slide after a wider stock sale in the US last week sent the cryptocurrency market into a frenzy and caused bitcoin to plummet by about 1[ads1]0%.
Bitcoin, the world’s largest digital currency by market value, fell more than 3% to $ 34,582.36 on Sunday, according to data from Coin Metrics. This year, Bitcoin has traded in a narrow area as it seeks to regain its heights at the end of 2021.
The fall comes after the Dow Jones Industrial Average lost more than 1,000 points on Thursday and the Nasdaq plunged 5%. These losses marked the worst falls in one day since 2020. The Dow and Nasdaq fell again on Friday.
Meanwhile, the Federal Reserve on Wednesday raised its reference rate by half a percentage point as it responds to inflationary pressures.
The stock market rose after central bank governor Jerome Powell said that a larger interest rate increase of 75 basis points is not considered. But on Thursday, investors had erased the Fed rally gains.
The global market value of cryptocurrency was $ 1.68 trillion on Sunday, according to data from CoinGecko.com, and the trading volume of cryptocurrency on the last day was $ 119 billion.
–CNBC Tanaya Macheel contributed with reporting