On Monday, Bitcoin, the world’s largest cryptocurrency by market value, crashed by 5.52% in just 24 hours. Read more:
Enter your emailA huge sell-off in Bitcoin and other crypto-assets has arrived alongside a strong fall in the US stock market, just before this week’s pivotal Federal Reserve meeting which is expected to signal a March start for rate hikes.plunged from its November highs of approximately $70,000 to now slightly above $36,000.
Since the start of 2022, Bitcoin has fallen around 25% while Ethereum, the second-largest cryptocurrency by market capitalization, dropped by over 10% in only 24 hours and approximately 35% since the new year to $2,240 at the time of writing.market, it’s not strange that the price of altcoins followed it south as well.
The Nasdaq Composite lost 7.6% last week, and the S&P 500 fell by 5.7% for its third straight weekly decline. The plunge gave a wake-up call to investors after the markets closed out 2021 in an exuberant manner, despite so many other parts of the economy getting hurt by the still ongoing pandemic, rising inflation and overall instability within the job market.
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