The cryptocurrency market fell over the weekend, reflecting a decline in the broader stock market.
The world’s largest cryptocurrency, bitcoin, fell to $ 33,840 on Sunday afternoon, a 6% change from Friday night, according to prices from CoinDesk. The price of Bitcoin is almost half less than $ 67,802.30 in November.
As professional investors entered the cryptocurrency market, it increasingly moved in tandem with traditional markets. Institutional investors who buy cryptocurrencies treat them as risky assets, similar to technology stocks.
The stock market fell last week a day after the Federal Reserve announced a rate increase of half a point, the highest since 2000, to fight inflation. The central bank is also releasing a portion of its $ 9 trillion asset portfolio. Fed Chairman Jerome Powell said there could be further increases over the summer.
Investors were less enthusiastic about risky bets amid a stock market crash. The technically heavy Nasdaq Composite fell to its 52-week low on Friday, falling to 12,144.66. It has fallen 22% so far.
The crypto market was active over the weekend with a market volume of $ 100 billion, according to CoinMarketCap. The global cryptocurrency market is now $ 1.6 trillion.
Etherium, the second-largest cryptocurrency, had a price of about $ 2,519.07 on Sunday afternoon, down 6.8% from Friday’s 5pm EDT.
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