The cryptocurrency market has continued since last week, reflecting the decline in the broader stock market.
The world’s largest cryptocurrency, bitcoin, fell $ 30,641 on Monday evening, starting Sunday at 5:00 p.m. EDT, an 11% drop, according to CoinDesk prices. The price of Bitcoin fell 55% in November from a high of $ 67,802.
It is on its way to the worst five-day period, five days since it ended on March 16, 2020, down almost 38%.
Ethereum, the second-largest cryptocurrency, fell to $ 2,271.24 on Monday, almost 11% below its price on Sunday evening.
Bitcoin and cryptocurrencies are better known for their sharp price changes. Individual investors have controlled the market for many years, but institutional investors, such as hedge funds and money managers, have begun to dominate.
As more and more professional investors trade cryptocurrencies, the market has moved more and more alongside traditional markets. Many institutional investors who buy cryptocurrencies view them as risky assets, similar to technology stocks. Investors tend to retreat to safer corners of the market in turmoil.
The stock market fell last week when the Federal Reserve announced a half-point rate hike and the next day, the biggest since 2000, to deal with inflation. Faith President Jerome Powell said there could be more hikes in the summer. The central bank is also releasing its $ 9 trillion asset portfolio.
The high-tech Nasdaq Composite has dropped nearly 26% so far.
Crypto prices have been stagnant for much of 2022 as investors began to look forward to rising interest rates. The crypto market has been active for the past 24 hours, with a market volume of nearly $ 140 billion during that period, according to CoinMarketCap. The global crypto market fell to $ 1.4 trillion.
Crypto-currency companies have been working to make it a household name. Along with venture capital investment, cryptocurrencies have spent more money on lobbying efforts and direct marketing to consumers.
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The price of Bitcoin has fallen 55% from its highs
Source link The price of Bitcoin has fallen 55% from its highs