The cryptocurrency market fell over the weekend, reflecting the slide of the broader stock market.
Bitcoin, the world’s largest cryptocurrency, fell to $34,702.69 on Sunday morning, up 3.8% from Friday evening, according to CoinDesk price. The price of bitcoin is almost halfway from its all-time high of $67,802.30 in November.
As more professional investors enter the cryptocurrency market, it is increasingly moving in line with the traditional markets. Institutional investors who buy cryptocurrencies treat them as riskier assets, similar to tech stocks.
The stock market fell last week, a day after the Federal Reserve announced a half-point increase, the biggest since 2000 to fight inflation. The central bank is also opening up some of its $9 trillion asset portfolio. Fed Chairman Jerome Powell said there could be additional increases in the summer.
Investors have been less enthusiastic about risky bets amid the fall in the stock market. The tech-heavy Nasdaq Composite fell to a 52-week low on Friday at 12144.66. It’s down 22% year over year.
According to CoinMarketCap, the cryptocurrency market was active over the weekend with a market volume of $100 billion. The global crypto market is now only $1.6 trillion.
This story has been published without modification to the text from a wire agency feed