Bitcoin Drops Below $35,000 at Weekend, Extending Friday’s Losses

Bitcoin is a volatile asset and has been known to fluctuate 10% higher or lower in a day.

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Bitcoin continues to slide after a broader sell-off in equities in the US last week that sent the crypto market into a frenzy and sent bitcoin plummeting around 10%.

Bitcoin, the world’s largest digital currency by market value, fell more than 3% at $34,582.36 on Sunday, according to data from the Coins Index. This year, Bitcoin has been trading in a tight range as it attempts to recapture its highs in late 2021.

The drop came after the blue-chip Dow Jones Industrial Average lose more than 1,000 points on Thursday and Nasdaq fell 5%. Those losses mark their worst single-day declines since 2020. The Dow and Nasdaq fell again on Friday.

Meanwhile, the Federal Reserve on Wednesday increase its benchmark interest rate half a percentage point as it responds to inflationary pressures.

Stocks rallied after Fed Chairman Jerome Powell said a rate hike larger than 75 basis points was not on the horizon. But by Thursday, investors had erased the benefits of the Fed’s rally.

Global Cryptocurrency Market Cap at $1.68 Trillion on Sunday, according to data from and the crypto trading volume over the past day is $119 billion.

By CNBC Tanaya Macheel contribution report

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