Crypto’s rough weekend: Bitcoin slips below $35K, down nearly 50% from its all-time high


Bitcoin, the world’s most popular cryptocurrency asset, extended its fall over the weekend, falling below $ 35,000 after a volatile week for stocks and other assets.

Bitcoin BTCUSD,
-4.98%
was changing hands at $ 34,099 in the early hours of Sunday afternoon, according to Kraken, 4.7% below its Friday afternoon level and nearly half its all-time high, close to the $ 67,800 set in November .

The fall comes after a volatile week for stocks that saw large fluctuations up and down following the Federal Reserve’s long-awaited decision to offer a half-point rate hike on Wednesday. It also occurs when the oscillations of stocks and cryptographic assets have shown an increasingly close correlation.

I’ll see: Will the Fed go too far? Dow’s sharp fluctuations keep investors on the lookout for signs of a recession

According to MarketWatch’s Frances Yue, data from crypto intelligence company Coin Metrics showed that the correlation between the S&P 500 SPX,
-0.57%
and bitcoin was the strongest in history on Thursday.

Read more: Will the shares fall further on Monday? Bitcoin weekend performance may provide some clues

Major indices fell weekly on Friday, with the S&P 500 ending at its lowest level since May 19, 2021, while the Dow Jones Industrial Average DJIA
-0.30%
recorded its lowest close since March and the Nasdaq Composite COMP,
-1.40%
saw its lowest end since November 25, 2020.

Also read: According to 19 bear markets in the last 140 years, this is where the current downturn may end, says Bank of America



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