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
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
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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