Bitcoin plummets, hits new bottom in 2022
Bitcoin continued to plunge after the sell-off in US equities last week that sent Bitcoin plummeting around 10%.
According to data from Coin Metrics, digital currency the world’s largest by market value fell more than 3%, now trading at $34,083 on May 9. This is considered the lowest price of this digital currency since July 2021.
This year, Bitcoin is trading in a range while attempting to recapture its 2021 peak. Bitcoin has fallen 50% from its peak price of $67,802.30 in November 2021.
Data from Coin Metrics.
The cryptocurrency’s drop came after the Dow Jones Industrial Average lost more than 1,000 points and the Nasdaq dropped 5% on May 5. These numbers recorded the biggest drop since 2020. The Dow Jones and Nasdaq continued to plunge the next day.
Meanwhile, the US Federal Reserve (Fed) on May 4 raised interest rates by half a percentage point to cope with inflationary pressures.
According to data from CoinGecko.com, market capitalization electronic money Globally, it was dragged down to 645 billion USD. Cryptocurrency trading volume for the day is $29 billion.
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