Cryptocurrency prices fall over the weekend

The decline in bitcoin, the world’s largest cryptocurrency, reflected a decline in the overall stock market.


Photography:

Kin Cheung / Associated Press

The cryptocurrency market fell over the weekend, reflecting a decline in the broader stock market.

The world’s largest cryptocurrency, bitcoin, fell to $ 34,702.69 on Sunday morning, up 3.8% from Friday night, according to CoinDesk prices. The price of Bitcoin is almost half the all-time high of $ 67,802.30 in November.

As professional investors have entered the cryptocurrency market, it is increasingly moving 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 only $ 1.6 trillion.

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