The decline of Bitcoin, the world’s largest cryptocurrency, reflects the decline in the stock market.
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Ken Cheung/The Associated Press
The cryptocurrency market fell over the weekend, reflecting a broader stock market slide.
The world’s largest cryptocurrency, Bitcoin, fell to $33,840 on Sunday afternoon, a 6% change from Friday evening, according to prices from CoinDesk. Bitcoin price is nearly half of its all-time high of $67,802.30 in November.
As a more professional investor Entered the cryptocurrency marketIncreasingly, it has moved in tandem with traditional markets. Institutional investors who buy cryptocurrencies treat them as risk assets, similar to technology stocks.
The stock market fell last week the day after the Federal Reserve Declare a rate increase of half a point, the largest since 2000, to fight inflation. The central bank is also unwinding some of its $9 trillion asset portfolio. Fed Chairman Jerome Powell said there may be additional increases over the summer.
Investors They were less enthusiastic about risky bets In the midst of the stock market downturn. The heavy Nasdaq Composite hit a 52-week low on Friday, dropping to 12,144.66. The percentage is down 22% year-to-date.
The crypto market was active over the weekend with a market size of $100 billion, according to CoinMarketCap. The global crypto market is now worth $1.6 trillion.
The price of Ethereum, the second largest cryptocurrency, on Sunday afternoon was around $2,519.07, down 6.8% from Friday at 5 PM ET.
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