Bitcoin <\/p>\n
Bitcoin is a volatile asset, and has been known to swing more than 10% higher or lower in a single day.<\/p>\n
Jakub Porzycki | Nurphoto | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
Bitcoin continued to slide after a broader stock sell-off in the U.S. last week sent the cryptocurrency market into a frenzy and prompted bitcoin to plummet by roughly 10%.<\/p>\n
Bitcoin<\/a>, the world’s largest digital currency by market value, was lower by about 3% at $33,438.03 late Sunday, according to data from Coin Metrics. This year, Bitcoin has been trading in a narrow range as it attempts to reclaim its highs of late 2021.<\/p>\n The cryptocurrency is now down 50% from its peak price of $67,802.30 in November 2021.<\/p>\n The drop comes after the blue-chip Dow Jones Industrial Average lost more than 1,000 points<\/a> on Thursday and the Nasdaq plunged by 5%. Those losses marked the worst single-day drops since 2020. The Dow and Nasdaq fell again on Friday.<\/p>\n<\/div>\n Meanwhile, the Federal Reserve on Wednesday raised its benchmark interest rate<\/a> by half a percentage point as it responds to inflation pressures.<\/p>\n The stock market rallied after Fed chair Jerome Powell said a larger rate hike of 75 basis points isn’t being considered. But by Thursday, investors had erased the Fed rally’s gains.<\/p>\n The global cryptocurrency market cap was at $1.68 trillion on Sunday, according to data<\/a> from CoinGecko.com, and cryptocurrency trading volume in the last day was at $119 billion.<\/p>\n —CNBC’s <\/em>Tanaya Macheel<\/em><\/a> contributed reporting<\/em><\/p>\n<\/div>\n<\/div>\n