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, past 12 monthsSource: CoinDeskAs of May 10, 3:14 a.m. ET
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.
The tech-heavy Nasdaq Composite hit a new 52-week low on Monday, falling 26% year to date.
Crypto prices have been stagnant for much of 2022 as investors brace for rising interest rates.
The crypto market has been active over the past 24 hours, with almost $155 billion in market volume in that period, according to CoinMarketCap.
The global crypto market fell to $1.4 trillion.