A sharp decline in the price of cryptocurrencies, especially Bitcoin

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A sharp decline in the price of cryptocurrencies, especially Bitcoin

Bitcoin drops to 31,000 according to THE WALL STREET JOURNAL

For the second week in a row, cryptocurrencies are declining, and its repercussions on the stock market

The world's largest cryptocurrency, Bitcoin, fell to $31,075.70 late Monday, down 10% from 5pm Sunday. EDT, as per CoinDesk pricing. Bitcoin's price is down 54% from its all-time high of $67,802 in November.

It's on course for the worst five-day stretch since the five days that ended March 16, 2020, when it fell nearly 38%.

Ethereum, the second-largest cryptocurrency, fell to $2,286.10 on Monday, almost 10% below Sunday night's price.

Bitcoin and Cryptocurrencies

Bitcoin, and cryptocurrencies more broadly, are notorious for their violent price swings. Individual investors controlled the market for years, but institutional investors like hedge funds and money managers began to dominate.

The stock market

The stock market fell last week on the day after the Federal Reserve announced a half-point hike in interest rates, the largest since 2000, to fight inflation. Fed Chair Jerome Powell said there could be more hikes over the summer. The central bank is also winding down part of its $9 trillion portfolios of assets.

Crypto price

Crypto prices are flat for much of 2022 as investors brace for rising interest rates. According to CoinMarketCap, the crypto market has been active for the past 24 hours with nearly $155 billion in market volume during that time. The global crypto market fell to $1.4 trillion.

Cryptocurrency company

Cryptocurrency companies have worked to become household names. Thanks to venture capital investments, crypto platforms have spent more money on lobbying and direct marketing.

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