Bitcoin Price Falls : The cryptocurrency market has continued its slide from the last week, mirroring the fall of the broader stock market.
The world largest crypto currency Bitcoin felll to $31075.70 on Monday evening . 10% drop from Sunday at 5:00 according to price from CoinDesk. Bitcoines price has fallen 54% from its record high of $67802 in November.
It is on track for the worst 5 days stretch since the five days ended March 16 2020 when its fail almost 38%. Ethereum, the second largest criptocurrencies fell Monday to $2286.10 almost 10% value the price Sunday evening.
Bitcoin and cryptocurrencies more widely are known for their violent price swings. Individual investors controlled the market for years but institutional investor such as hedge fund and money manager have started to dominate it .
With more professional investors trading cripto the market has increasingly move in tandam with traditional markets. Many institutional investors that by cryptocurrency treat them as risk assets, similar to technology stock.
Investor tends to retreat to safer corner of the market during turbulent bouts.
The stock market dropped last week the day after federal reserve announced a rate increase of a half points the biggest since 2000 to battle inflation. FIR chairman Jerome set their could be additional increases during the summer. The central bank is also unwindingly sum of its $9 trillion assets portfolio.