Bitcoin’s Value Drops Below $34,000 as Crypto Market Quakes

Bitcoin’s Value Drops Below $34,000 as Crypto Market Quakes

  • Bitcoin’s value continued to drop over the weekend, losing about 10% on Saturday and Sunday.
  • According to data from CoinMarketCap, the world’s largest cryptocurrency is trading at $33,438.
  • BTC is now down more than 50% from its high of $67,800 attained in November last year.

Bitcoin’s value continued its downward movement over the weekend as the flagship cryptocurrency crashed below $34,000 on Sunday evening. Data from CoinMarketCap shows that the leading crypto asset is now down more than 50% from its peak of $67,800 in November last year.

Bitcoin's Value

Bitcoin’s crash also triggered losses in the value of other cryptocurrencies. Data from CoinDesk shows that the global crypto market cap is down to $1.53 Trillion, more than 3.2% in the last 24 hours.

Major crypto assets such as Ethereum, BNB, Solana, Cardano, and Terra are trading significantly lower than their values last week. Ethereum is currently valued at $2,442, down 14.68% in the last 7 days. BNB, Solana, Cardano, and Terra have also lost 11.89%, 18.06%, 12.13%, and 25.89% respectively in the past week.

The crash in the value of digital assets comes after a week of significant losses in the stock market as well. The blue-chip Dow Jones Industrial Average lost over $1,000 points on Thursday and Nasdaq crashed by 5%.

Read also: Luna Foundation Overtakes Tesla’s Bitcoin Holdings After $1.5 Billon Crypto Buy

On Monday, Asian markets headed further lower as Japan’s Nikkei Index fell by around 2%.

Meanwhile, the Federal Reserve also announced an increase in benchmark interest rate by 0.5% as it responds to the pressures of Inflation. Investors have become worried about the impact of the Ukraine war on the world’s economy.

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