Bitcoin drops below $35,000 over the weekend, extending Friday’s losses

0


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 Images

Bitcoin continued to slide after a broader stock sell-off in the U.S. last week sent the cryptocurrency market into a frenzy and prompted bitcoin to plummet by roughly 10%.

Bitcoin, the world’s largest digital currency by market value, was down more than 3% at $34,582.36 on Sunday, according to data from Coin Metrics. This year, Bitcoin has been trading in a narrow range as it attempts to reclaim its highs of late 2021.

The drop comes after the blue-chip Dow Jones Industrial Average lost more than 1,000 points on Thursday and the Nasdaq plunged by 5%. Those losses marked the worst single-day drops since 2020. The Dow and Nasdaq fell again on Friday.

Meanwhile, the Federal Reserve on Wednesday raised its benchmark interest rate by half a percentage point as it responds to inflation pressures.

The stock market rallied after Fed chair Jerome Powell said a larger rate hike of 75 basis points isn’t being considered. But by Thursday, investors had erased the Fed rally’s gains.

The global cryptocurrency market cap was at $1.68 trillion on Sunday, according to data from CoinGecko.com, and cryptocurrency trading volume in the last day was at $119 billion.

CNBC’s Tanaya Macheel contributed reporting

Leave A Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More