© Reuters. FILE PHOTO: A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken October 19, 2021. REUTERS/
© Reuters. FILE PHOTO: A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken October 19, 2021. REUTERS/Edgar Su
(Reuters) -Bitcoin dropped again on Saturday and was last down around 4% for the day, hovering around the $35,000 level.
, 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 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.
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