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,
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,
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
recorded its lowest close since March and the Nasdaq Composite COMP,
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

Source link

Leave a Reply