Following last week’s massive sell-off in US markets, cryptocurrency prices were battered over the weekend.
Bitcoin slid approximately 4% between Friday night and Sunday to about $33,000, almost half of its November peak. Bitcoin’s value has dropped 18% in the previous month. It reached a high of $69,000 in November of last year.
The price of Ethereum, the second biggest cryptocurrency by market capitalization, has dropped below $2,400, a drop of more than 5% from Friday.
According to CoinMarketCap statistics, there was $112 billion in market volume over the weekend in the cryptocurrency market.
As huge institutional investors like as hedge funds have entered the crypto market, it has grown more connected with the stock market. With the Nasdaq down 21% this year, Bitcoin’s price is down 22%.
“While Bitcoin, in particular, was once thought to be a non-correlated asset relative to the stock market,” said Caleb Silver, editor-in-chief of Investopedia, “the past six months have proven that retail and institutional investors are treating it much like any other risk asset that is not immune to interest rate hikes and inflation.” “When sentiment is low, it may become even more volatile than stocks and commodities in the absence of fundamentals to maintain its price.”
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