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Crypto’s Rough Weekend: Bitcoin Slips Below $35,000, Nearly 50% Off Its All-Time High

Bitcoin, the world’s most popular cryptoasset, extended its slump into the weekend, falling below $35,000 after a volatile week for stocks and other assets.

bitcoin BTCUSD,
-5.46%
According to Kraken, it was changing hands at $34,099 early Sunday afternoon, down about 4.7% from its level late Friday and nearly half of its all-time high of $67,800 set in November.

The drop comes after a volatile week for stocks, which saw large swings up and down amid the Federal Reserve’s widely anticipated decision to hike interest rates by half a point on Wednesday. It also comes as fluctuations in stocks and crypto assets show an increasingly tight correlation.

See: Will the Fed Go Too Far? The Dow’s wild swings had investors on the lookout for signs of a recession

As reported by MarketWatch’s Frances Yue, data from crypto intelligence firm Coin Metrics showed that the correlation between the S&P 500 SPX,
-0.57%
and Bitcoin was stronger than ever on Thursday.

Continue reading: Will Stocks Fall Further on Monday? Bitcoin’s weekend performance may provide some clues

Major indexes posted weekly declines on Friday, with the S&P 500 closing at its lowest level since May 19, 2021, while the Dow Jones Industrial Average DJIA,
-0.30%
posted its lowest close since March and the Nasdaq Composite COMP,
-1.40%
recorded its lowest level since November 25, 2020.

Also read: Based on 19 bear markets over the past 140 years, the current downturn could end here, says Bank of America

https://www.marketwatch.com/story/cryptos-rough-weekend-bitcoin-slips-below-35k-down-nearly-50-from-its-all-time-high-11652030824?rss=1&siteid=rss Crypto’s Rough Weekend: Bitcoin Slips Below $35,000, Nearly 50% Off Its All-Time High

Brian Lowry

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