Bitcoin is a variable asset and is known to fluctuate more than 10% higher or lower in one day.
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Bitcoin continued to fall after a broader sell-off in the United States last week sent the cryptocurrency market into a frenzy, causing Bitcoin to fall about 10 percent.
Bitcoin, the world’s largest digital currency by market value, fell more than 3% to $ 34,582.36 on Sunday, according to Coin Metrics. This year, bitcoin is trading in a narrow range as it tries to regain its highs from the end of 2021.
The decline comes after the Dow Jones Industrial Average with blue chips lost more than 1,000 points on Thursday, and the Nasdaq fell 5%. These losses marked the worst one-day decline since 2020. The Dow and Nasdaq fell again on Friday.
Meanwhile, the Federal Reserve on Wednesday raised its key interest rate by half a percentage point in response to inflationary pressures.
The stock market has risen after Fed Chairman Jerome Powell said no increase in interest rates of 75 basis points was being considered. But by Thursday, investors had erased the Fed’s profits.
The global market capitalization of the cryptocurrency was $ 1.68 trillion on Sunday, according to CoinGecko.com, and the volume of cryptocurrency trading on the last day was $ 119 billion.
– CNBC’s Tanya Machel contributed to the report
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