The cryptocurrency market fell over the weekend, reflecting the fall to the broader stock market.
The world’s largest cryptocurrency, bitcoin, fell to $ 34,702.69 on Sunday morning, a change of 3.8% from Friday night, according to prices from CoinDesk. Bitcoin’s price is almost half of the record high of $ 67,802.30 in November.
As more professional investors have entered the cryptocurrency market, it is increasingly moving in line with traditional markets. Institutional investors who buy cryptocurrencies treat them as risk assets, in the same way as technology stocks.
The stock market fell last week the day after the Federal Reserve announced a half-point rate hike, the largest since 2000, to fight inflation. The central bank is also liquidating some of its $ 9 trillion asset portfolio. Fed Chairman Jerome Powell said there could be further increases over the summer.
Investors have been less enthusiastic about risky games in the midst of the stock market’s downturn. The technology-heavy Nasdaq Composite hit a 52-week low on Friday, dropping to 12,144.66. So far this year, it is down 22%.
The crypto market was active over the weekend with $ 100 billion in market volume, according to CoinMarketCap. The global crypto market is now only $ 1.6 trillion.
Copyright © 2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8