The price of Bitcoin (BTC) continues to fall amid a broader selloff in stocks.
Bitcoin, the world’s largest digital currency by market value, fell nearly 5% over the weekend to trade right around $33,000.00 U.S. this morning (May 9).
Bitcoin is now trading at its lowest level since late January of this year. The virtual currency has fallen more than 50% from its peak price of $68,990.90 U.S. reached in November 2021.
The latest drop comes after the blue-chip Dow Jones Industrial Average lost more than 1,000 points on May 5 and the Nasdaq plunged by 5%. Those losses marked the worst single day drops since 2020. The Dow and Nasdaq fell again last Friday (May 6).
The U.S. Federal Reserve last week raised its benchmark interest rate by half a percentage point in response to inflation pressures. The stock market rallied after Fed chair Jerome Powell said a larger rate hike of 75 basis points isn’t being considered by the central bank. But those gains were quickly erased as stocks sold off heavily at week’s end.
The global market capitalization for cryptocurrencies now stands at $1.68 trillion U.S., according to data from CoinGecko.com. Cryptocurrency trading volume over the weekend amounted to $119 billion U.S.
