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Crypto prices slump over the weekend

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Mint

Sun, May 08, 2022

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Updated: 08 May 2022, 06:03 PM IST 1 min read .

Updated: 08 May 2022, 06:03 PM IST Bitcoin’s price is almost half its November high The cryptocurrency market fell over the weekend, mirroring the slide of the broader stock market.

The world’s largest cryptocurrency, bitcoin, fell to $34,702.69 on Sunday morning, a 3.8% change from Friday evening, according to prices from CoinDesk.

As more professional investors have entered the cryptocurrency market, it’s increasingly moved in tandem with traditional markets.

Institutional investors that buy cryptocurrencies treat them as risk assets, similar to tech stocks.

The stock market fell last week the day after the Federal Reserve announced a rate increase of a half point, the biggest since 2000 to battle inflation.

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