Bitcoin fell below 34000 over the weekend
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Bitcoin fell below $34,000 over the weekend

The global cryptocurrency market remains in fever. After Bitcoin unexpectedly fell below $37,000 last week, investors’ troubles were not over. The most valuable cryptocurrency fell to $33,438.03 per coin by the end of Sunday, according to Coin Metrics.

    Image source: sergeitokmakov/pixabay.com

Image source: sergeitokmakov/pixabay.com

For many investors, such indicators are disastrous – now the price of Bitcoin is about 50% below the peak price of November 2021, when the cryptocurrency was worth $67,802.30.

The stock fell sharply after the Dow Jones Industrial Average shed more than 1,000 points on Thursday and the Nasdaq fell 5%. This is the highest daily decline since 2020. Indices also fell again on Friday.

    Image source: CoinDesk

Image source: CoinDesk

At the same time, the Federal Reserve System (FRS) decided on Wednesday to raise interest rates by 0.5%. Such a significant one-time increase in the key interest rate was last recorded around 20 years ago. As a result of the Fed’s decision, bitcoin price temporarily spiked above $40,000 per unit but then started falling.

According to CoinGecko.com, the market cap of the cryptocurrency as of Sunday was $1.68 trillion and the total volume of cryptocurrency trading was $119 billion per day.

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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