Bitcoin falls again, last down 4%
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February 07, 2023

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TUESDAY, FEBRUARY 07, 2023
Bitcoin falls again, last down 4%

Global Economy

Reuters
23 January, 2022, 04:15 pm
Last modified: 23 January, 2022, 06:25 pm

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Bitcoin falls again, last down 4%

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

Reuters
23 January, 2022, 04:15 pm
Last modified: 23 January, 2022, 06:25 pm
Representation of the virtual currency Bitcoin is seen on a motherboard in this picture illustration taken April 24, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
Representation of the virtual currency Bitcoin is seen on a motherboard in this picture illustration taken April 24, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

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 US 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.

Top News / World+Biz

Bitcoin / Bitcoin Crash / Bitcoin stumbles

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