Bitcoin is a volatile asset and is known to fluctuate more than 10% more or less in a single day.
Jakub Porzycki | Nurphoto | Getty Images
Bitcoin continued to slide after a larger stock sell-off in the US last week sent the cryptocurrency market into a frenzy and prompted bitcoin to plummet about 10%.
Bitcoin, the world’s largest digital currency by market value, fell more than 3% to $ 34,582.36 on Sunday. according to the data by Coin Metrics. This year, Bitcoin has been trading in a tight range as it attempts to recover from its late 2021 highs.
The decline comes after the blue chip Dow Jones Industrial Average lost more than 1,000 points Thursday and the Nasdaq plunged 5%. Those losses marked the worst one-day dips since 2020. The Dow and Nasdaq fell again on Friday.
Meanwhile, the Federal Reserve on Wednesday raised the benchmark interest rate by half a percentage point as it responds to inflationary pressures.
The stock market rose after Fed Chairman Jerome Powell said a broader rate hike of 75 basis points was not taken into consideration. But by Thursday, investors had written off the gains from the Fed’s rally.
Global cryptocurrency market cap was $ 1.68 trillion on Sunday, according to the data from CoinGecko.com and the last day’s cryptocurrency trading volume was $ 119 billion.
–by CNBC Tanaya Macheel contributed reportage