Bitcoin, the world's most popular crypto asset, extends a slump into the weekend, falling below $35,000 after a volatile week for equities and other assets.
Bitcoin, the world’s most popular crypto asset, extended its slump into the weekend, falling below $35,000 after a volatile week for equities and other assets.
Bitcoin BTCUSD, -3.27% was changing hands at $34,099 early Sunday afternoon, according to Kraken, down around 4.7% from its level late Friday and nearly half its all-time high near $67,800 set in November. The drop comes after a volatile week for equities that saw big swings up and down in the wake of the Federal Reserve’s widely expected decision to deliver a half-point rate increase on Wednesday. It also comes as swings by stocks and crypto assets have shown increasingly tighter correlation.As reported by MarketWatch’s Frances Yue, data from crypto intelligence company Coin Metrics showed that the correlation between the S&P 500 SPX, -0.57% and bitcoin was at its strongest ever on Thursday.
Also read: Based on 19 bear markets in the last 140 years, here’s where the current downturn may end, says Bank of America
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Crypto's rough weekend: Bitcoin slips below $35K, down nearly 50% from its all-time highBitcoin, the world's most popular crypto asset, extends a slump into the weekend, falling below $35,000 after a volatile week for equities and other assets.
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Crypto's rough weekend: Bitcoin slips below $35K, down nearly 50% from its all-time highBitcoin, the world's most popular crypto asset, extends a slump into the weekend, falling below $35,000 after a volatile week for equities and other assets.
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