Bitcoin falls again, last down 4 percent
Bitcoin dropped again on Saturday and was last down around
4 percent 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 6.7per cent to $2,396 on Saturday.
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