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,
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,
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,
posted its lowest close since March and the Nasdaq Composite COMP,
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 Crypto’s Rough Weekend: Bitcoin Slips Below $35,000, Nearly 50% Off Its All-Time High

Brian Lowry

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