Crypto Market Plunges , $130 Billion in 24 Hours.
CNBC reports the drop came on the
heels of a multi-day sell-off.
According to Coin Metrics, Bitcoin was down to $33,755.57, and Ether dropped to $2,239.08.
According to Coin Metrics, Bitcoin was down to $33,755.57, and Ether dropped to $2,239.08.
At one point, both cryptocurrencies
hit their lowest points since July.
CNBC reports Bitcoin is
down 50% from its all-time high.
Many investors have been selling tech and crypto stocks in anticipation of the U.S. Federal Reserve tightening monetary policy amid soaring interest rates.
Looking forward, our most immediate concern is how equities markets respond to this week’s Fed meeting, Leah Wald, CEO at digital asset investment manager Valkyrie Funds, via CNBC.
A consolidation in traditional assets would catalyze a potential recovery in bitcoin, ether and other altcoins, Leah Wald, CEO at digital asset investment manager Valkyrie Funds, via CNBC.
Realistically, though, digital asset traders tend to be willing to take on more risk than traders in other asset classes, so we do expect some volatility in the coming days and weeks, Leah Wald, CEO at digital asset investment manager Valkyrie Funds, via CNBC.
Non-crypto stocks have also continued to fall, coming off their worst week since March 2020.