Bitcoin Price Falls 54% From Its High
The cryptocurrency market has continued its slide from last week, mirroring the fall of the broader stock market.
The world’s largest cryptocurrency, bitcoin, fell to $31,075.70 on Monday evening, a 10% drop from Sunday at 5 p.m.
EDT, according to prices from CoinDesk. Bitcoin’s price has fallen 54% from its record high of $67,802 in November.
It is on track for the worst five-day stretch since the five days ended March 16, 2020, when it fell almost 38%.
Ethereum, the second-largest cryptocurrency, fell Monday to $2,286.10, almost 10% below the price Sunday evening.
Bitcoin and cryptocurrencies more widely are known for their violent price swings.
Individual investors controlled the market for years but institutional investors, such as hedge funds and money managers, have started to dominate it.
It’s been a shaky start to the week for Bitcoin and other cryptocurrencies, largely driven by ongoing macroeconomic uncertainty
Bitcoin, the largest crypto, dipped below $36,000 Saturday and continued to nosedive throughout the weekend, hitting its lowest point in over a year Monday.
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