Bitcoin fell below $ 36,000 on Friday as Wall Street’s big sell-off on Thursday shook the cryptocurrency market.
In particular, according to investing.com, the Bitcoin has fallen 7.76% in the last 24 hours and is moving at $ 35,769. At the same time, the Ethereum is down 7.06% in the last 24 hours and is trading at $ 2,666.34.
The losses in cryptocurrencies were caused by yesterday’s heavy losses on Wall Street, as the Dow Jones lost more than 1,000 units and the technology Nasdaq slipped by 5%. Both indices recorded the worst daily decline since 2020, while Bitcoin remains correlated with stock markets.
On Wednesday, the US Federal Reserve raised interest rates by half a percentage point. Specifically, the Federal Open Market Committee (FOMC) unanimously decided to increase its interest rates in the range of 0.75% -1.00%. Further rate hikes and tightening monetary policy have raised fears that the US economy could enter a recession.
Bitcoin lost a key level when it fell below $ 37,500, which could indicate a further decline in the coming days, according to Vijay Ayyar, vice president of corporate growth and international operations at the Luno cryptocurrency exchange. He added that the next psychological level is $ 30,000, but if Bitcoin fails to maintain this level, then it may fall to $ 25,000.
Source: Capital
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