The cryptocurrency market fell last weekend, reflecting the fall of the broad stock market.
The world’s largest cryptocurrency bitcoin fell to $ 34,656 on Sunday afternoon, down 3.9% from Friday night, at CoinDesk prices. Earlier in the afternoon, bitcoin fell below $ 34,000 to about half of its all-time high of $ 67,802 in November.
Ethereum, the second-largest cryptocurrency, was up about $ 2,565 on Sunday afternoon, down 5.1% from 5pm on Friday at EDT.
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 is.
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, similar to 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.
Technological Nasdaq Composite reached a 52-week low on Friday, falling to 12,144.66. Since the beginning of the year it has decreased by 22%.
Cryptocurrency prices remained for most of 2022, when investors began to prepare for rising interest rates. The crypto market was active last weekend with a market volume of $ 112 billion over a 24-hour period, CoinMarketCap reports. The global crypto market is now $ 1.59 trillion.
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