Bitcoin price dropped below $35,000 multiple times on Saturday, extending a slide that began when it plunged below $40,000 Thursday night. It was hovering above $35,000 on Sunday.
Bitcoin’s drop in recent days is the second time it has fallen below $40,000 this month, and the first time it has fallen below $35,000 since July 2021.
Bitcoin’s big drop came amid the stock market’s worst week in nearly two years, and after the release of the Federal Reserve’s much-anticipated report on a possible government-issued digital currency.
Prior to Thursday’s big drop, bitcoin’s price was between $39,000 and $45,000 last week, and it has been between $34,000 and $44,000 so far this week.
The recent decline in prices followed continued reports of rising inflation, a disappointing December jobs report and the release of the minutes of the Federal Reserve’s December meeting, which signaled an end to measures to support what he described as a steadily improving economy.
Meanwhile, there was also a massive sell-off in bitcoin futures, CoinDesk reported.