Cryptocurrency market continued her slide since last week, reflecting the fall of the broader stock market.
The world’s largest cryptocurrency bitcoin, decreased to $ 31,075.70 on Monday night, a 10% drop from Sunday at 5pm on EDT, according to prices from CoinDesk. The value of bitcoin fell 54% from a record high of $ 67,802 in November.
It is on track for the worst five-day period of those five days that ended on March 16, 2020, when it fell nearly 38%.
Ethereum, the second-largest cryptocurrency, fell to $ 2,286.10 on Monday, almost 10% below Sunday’s price.
More widely bitcoin and cryptocurrencies are known for their strong price fluctuations. Individual investors have controlled the market for years, but institutional investors such as hedge funds and money managers began to dominate it.
With the growing number of professional investors trading cryptocurrencies, the market is increasingly moving in tandem with traditional markets. Many institutional investors who buy cryptocurrencies view them as risky assets, much like technology stocks. Investors tend to retreat to safer corners market during violent skirmishes.
The stock market fell last week the day after the announcement of the Federal Reserve raising the rate by half a point, the largest since 2000, to fight inflation. Fed Chairman Jerome Powell said further growth could occur in the summer. The central bank is also deploying part of its $ 9 trillion asset portfolio.
The Nasdaq Composite technology reached a new low in 52 weeks on Monday, down 26% since the start of the year.
Cryptocurrency prices have remained for most of 2022 as investors prepare for rising interest rates. The crypto market has been active for the past 24 hours, with a market volume of nearly $ 155 billion over the period, according to CoinMarketCap. The global crypto market has fallen to 1.4 trillion.
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Appeared in the print edition of May 10, 2022 as “The price of bitcoin has fallen by 55% from its maximum.”
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