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Bitcoin drops below $34,000 over the weekend, extending Friday’s losses

 



  • After a broader stock sell-off in the United States last week pushed the cryptocurrency market into a frenzy and caused bitcoin to collapse by about 10%, bitcoin continued to fall this weekend.
  • According to statistics from Coin Metrics, the world's largest digital currency by market value was down around 3% at $33,438.03 late Sunday.
  • The slump comes after the blue-chip Dow Jones Industrial Average dropped more than 1,000 points and the Nasdaq dropped 5% on Thursday, the largest single-day losses since 2020.

After a broader stock sell-off in the United States last week sent the cryptocurrency market into a frenzy and caused bitcoin to tumble by about 10%, bitcoin has continued to fall.

According to data from Coin Metrics, Bitcoin, the world's most valuable digital currency, was down around 3% at $33,438.03 late Sunday. Bitcoin has been trading in a limited range this year as it strives to regain its late-2021 highs.

The cryptocurrency is currently worth half of what it was in November 2021, when it peaked at $67,802.30.

The dip comes after the blue-chip Dow Jones Industrial Average dropped over 1,000 points and the Nasdaq fell 5% on Thursday. These were the largest single-day losses since 2020. On Friday, the Dow and Nasdaq plummeted once again.

Meanwhile, in response to inflationary concerns, the Federal Reserve hiked its benchmark interest rate by half a percentage point on Wednesday.

The stock market rose after Fed Chair Jerome Powell stated that a 75-basis-point rate hike is not being discussed. Investors, though, had erased the Fed rally's gains by Thursday.

According to CoinGecko.com, the worldwide cryptocurrency market cap was $1.68 trillion on Sunday, and cryptocurrency trading volume was $119 billion in the previous day.

SOURCE :-CNBC
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