Bitcoin falls again, last down 4%

Author of the article: Bitcoin dropped again on Saturday and was last down around 4% for the day, hovering around the $35,000 level. Bitcoin, the world’s biggest and best-known cryptocurrency, is now about half its $69,000 peak in November. It was last at $35,049, after falling as low as $34,000 and following a steep fall…
Bitcoin falls again, last down 4%

Author of the article:

Bitcoin dropped again on Saturday and was last down around 4% for the day, hovering around the $35,000 level.

Bitcoin, the world’s biggest and best-known cryptocurrency, is now about half its $69,000 peak in November. It was last at $35,049, after falling as low as $34,000 and following a steep fall on Friday.

The currency has had wild price swings and has been hit as risk appetite has fallen on inflation fears and anticipation of a more aggressive pace of interest rate hikes from the U.S. Federal Reserve.

Other risk assets have fallen with stocks falling on Friday. The S&P 500 and Nasdaq recorded their biggest weekly percentage drops since the start of the pandemic in March 2020.

In a research note on Friday, Edward Moya, senior market analyst for the Americas at OANDA, said bitcoin was falling as “crypto traders de-risk portfolios following the bloodbath in stocks” and in advance of next week’s Federal Reserve policy meeting.

“Bitcoin remains in the danger zone and if $37,000 breaks, there is not much support until the $30,000 level,” Moya wrote on Friday.

Ether, the coin linked to the ethereum blockchain network, dropped 6.7% to $2,396 on Saturday. (Reporting by Rhea Binoy in Bengaluru and Megan Davies in New York; Editing by Cynthia Osterman)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Treasury Market’s Brutal New Year Conjures Return of 2% Yields
Read More

Treasury Market’s Brutal New Year Conjures Return of 2% Yields

Author of the article: Bloomberg News Michael MacKenzie and Edward Bolingbroke (Bloomberg) — The torrid selloff that raced through the Treasury market this past week has investors bracing for further losses that would push the benchmark 10-year yield toward 2%, with growing expectations the Federal Reserve is poised to act quickly to tamp down the…
Russia’s war on Ukraine latest news: Kherson mops up after recapture
Read More

Russia’s war on Ukraine latest news: Kherson mops up after recapture

Author of the article: Utility companies in Kherson were working to restore critical infrastructure mined by fleeing Russian forces, with most homes in the southern Ukrainian city still without electricity and water, regional officials said on Sunday. KHERSON RECAPTURE Financial Post Top Stories Sign up to receive the daily top stories from the Financial Post,…
Pound Declines as Bright Start to the Week Fades Away: City Latest
Read More

Pound Declines as Bright Start to the Week Fades Away: City Latest

What’s moving the pound and FTSE 100? We’ll bring you economic data, breaking news and analysis vital to UK markets. Author of the article: Bloomberg News David Goodman and Kristine Aquino Published Jan 23, 2023  •  Last updated 8 hours ago  •  7 minute read Join the conversation g3(4xqc46bt62a99(msk8(wu_media_dl_1.png Bloomberg RSS City Latest Closed (4:01 p.m.) Advertisement…
Carmaker Stellantis reshuffles European financing operations
Read More

Carmaker Stellantis reshuffles European financing operations

Author of the article: Reuters Giulio Piovaccari and Gilles Guillaume MILAN — Carmaker Stellantis is in exclusive talks with BNP Paribas, Credit Agricole and Santander over the reorganization of its leasing and financing operations in Europe, it said on Friday. The group plans to create a 50-50 long-term leasing company with Credit Agricole Consumer Finance,…