May 26, 2022

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Bitcoin drops below $35,000 over the weekend, extending Friday's losses

Bitcoin drops below $35,000 over the weekend, extending Friday’s losses

Bitcoin is a volatile asset, and it is known to swing more than 10% higher or lower in a single day.

Jacob Borzeki | Norfoto | Getty Images

Bitcoin continued to slide after a massive sell-off of stocks in the US last week, sending the cryptocurrency market into a frenzy and sending Bitcoin down nearly 10%.

Bitcoin, the world’s largest digital currency by market capitalization, fell more than 3% to $34,582.36 on Sunday, According to the data of currency metrics. This year, Bitcoin has been trading in a narrow range as it attempts to regain its highs in late 2021.

The drop comes after the excellent Dow Jones Industrial Average Lost over 1000 points On Thursday, the Nasdaq fell 5%. Those losses marked the worst one-day decline since 2020. The Dow and Nasdaq fell again on Friday.

Meanwhile, the Federal Reserve announced on Wednesday The benchmark interest rate has been raised by half a percentage point as it responds to inflationary pressures.

The stock market rebounded after Federal Reserve Chairman Jerome Powell said a 75 basis point rate hike was not being considered. But by Thursday, investors erased the gains of the Fed’s rally.

The global cryptocurrency market cap reached $1.68 trillion on Sunday, According to the data From CoinGecko.com, cryptocurrency trading volume in the last day was $119 billion.

CNBC Tanaya Machel Contribute to reporting

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