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Bitcoin, the world’s most popular crypto asset, extended its slump into the weekend, falling below $35,000 after a volatile week for equities and other assets.
Bitcoin
BTCUSD,
-4.79%
was changing hands at $34,099 early Sunday afternoon, according to Kraken, down around 4.7% from its level late Friday and nearly half its all-time high near $67,800 set in November.
The drop comes after a volatile week for equities that saw big swings up and down in the wake of the Federal Reserve’s widely expected decision to deliver a half-point rate increase on Wednesday. It also comes as swings by stocks and crypto assets have shown increasingly tighter correlation.
See: Will Fed go too far? Dow’s violent swings put investors on lookout for recession signals
As reported by MarketWatch’s Frances Yue, data from crypto intelligence company Coin Metrics showed that the correlation between the S&P 500
SPX,
-0.57%
and bitcoin was at its strongest ever on Thursday.
Read more: Will stocks tumble further Monday? Bitcoin’s weekend performance may provide some clues
Major indexes posted weekly declines on Friday, with the S&P 500 finishing at its lowest since May 19, 2021, while the Dow Jones Industrial Average
DJIA,
-0.30%
posted its lowest close since March and the Nasdaq Composite
COMP,
-1.40%
saw its lowest finish since Nov. 25, 2020.
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