Bitcoin Price Falls by Half From Its High

The crypto market has continued to slide since last week, mirroring the broader stock market decline.

The world’s largest cryptocurrency, bitcoin, fell to $31,682 on Monday, down nearly 12% from Friday night, according to prices from CoinDesk. This brings bitcoin down to less than half its all-time high of $67,802 in November.

Ethereum, the second largest cryptocurrency, fell Monday to $2,349.73, down 13% from Friday night.

Bitcoin and cryptocurrencies are more widely known for their dramatic price swings. Individual investors have controlled the market for years but institutional investors, such as hedge funds and money managers, have begun to dominate it.

With more professional investors trading cryptocurrencies, the market is increasingly growing in tandem with the traditional markets. Many institutional investors who buy cryptocurrencies treat them as risky assets, similar to technology stocks. Investors tend to retreat to safer corners of the market during turbulent times.

The stock market fell last week a day after the Federal Reserve announced it would raise interest rates by half a point, the biggest since 2000, to combat inflation. Fed Chairman Jerome Powell said there could be more increases in the summer. The central bank is also settling some of its $9 trillion portfolio of assets.

To date, the tech-heavy Nasdaq Composite is down nearly 25%.

Cryptocurrency prices have stagnated for much of 2022 as investors begin to prepare for a rate hike. The crypto market has been active over the past 24 hours, with a market volume of nearly $120 billion in a 24-hour period, according to CoinMarketCap. The global crypto market is currently $1.46 trillion.

Cryptocurrency companies have been working to become household names. By venture capital, crypto platforms have been spending more money on lobbying efforts and direct-to-consumer marketing.

The US quickly became the world leader in bitcoin mining after China bankrupted the cryptocurrency last year. WSJ’s Shelby Holliday examines the implications of global change for the bitcoin network, the energy industry, and the environment. Photo: Mark Felix / Agence France-Presse / Getty Images

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