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 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%.
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.