Crypto Prices Drop Over the Weekend

Crypto Prices Drop Over the Weekend

The decline of bitcoin, the world’s largest cryptocurrency, mirrored the fall in the stock market.


Photo:

Kin Cheung/Associated Press

The cryptocurrency market fell over the weekend, mirroring the fall in the broader stock market.

The world’s largest cryptocurrency, bitcoin, fell to $33,840 on Sunday afternoon, a change of 6% from Friday night, according to CoinDesk prices. Bitcoin price is almost halfway off its all-time high of $67,802.30 in November.

As more and more professional investors have entered the cryptocurrency market, it has increasingly evolved in tandem with traditional markets. Institutional investors who buy cryptocurrencies treat them as risky assets, similar to tech stocks.

The stock market fell last week the day after the Federal Reserve announced a half-point rate hike, the biggest since 2000, to fight inflation. The central bank is also unwinding part of its $9 trillion portfolio of assets. Fed Chairman Jerome Powell said there could be further increases over the summer.

Investors were less enthusiastic about risky bets amid the stock market decline. The tech-heavy Nasdaq Composite hit a 52-week low on Friday, falling to 12144.66. Since the beginning of the year, it is down 22%.

The crypto market was active over the weekend with a market volume of $100 billion, according to CoinMarketCap. The global crypto market is now $1.6 trillion.

Etherium, the second-largest cryptocurrency, had a Sunday afternoon price of around $2,519.07, down 6.8% from Friday at 5 p.m. EDT.

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