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Your email address will not be published.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
Bond Turbulence Far From Over as Inflation Fears Haunt Fed Path
Read More

Bond Turbulence Far From Over as Inflation Fears Haunt Fed Path

Author of the article: Bloomberg News Liz Capo McCormick and Michael MacKenzie (Bloomberg) — Federal Reserve Chairman Jerome Powell beat back the market’s most aggressive predictions for the path of interest rates Wednesday, setting off a dovish surge in stocks and bonds. But in pouring cold water on the prospect for a jumbo-sized 75 basis…
S.Korea finance minister says more FX stabilizing measures on the way
Read More

S.Korea finance minister says more FX stabilizing measures on the way

Author of the article: SEOUL — South Korea’s finance minister said the government would prepare more measures to stabilize the foreign exchange market, while downplaying the need for a currency swap arrangement with the United States. The measures include using the government’s foreign exchange equalization fund to meet shipbuilding companies’ FX hedging demands for their…