Bitcoin has fallen below $ 37,000 as investors abandon risky bets

Cryptocurrency prices fell on Thursday afternoon along with major stock market indices.

Bitcoin fell to $ 36,431.57, down 8.4% from Wednesday. Ethereum fell 6.4% to $ 2754.37.

Of the top 30 cryptocurrencies listed by CoinDesk, 29 were down during the day.
With the exception of a brief sell-off in January, the price of bitcoin has not been as low since last July, when it traded below $ 29,000. The largest cryptocurrency is now down about 47% from its record high in November of $ 68,991.

On Wednesday, the central bank announced a half-point increase. Fed Chairman Jerome Powell said there could be a half-point increase in interest rates during the summer months, but officials are not considering a three-quarters percentage point increase.

That led to an increase in shares on Wednesday, but they returned those gains on Thursday, as the Nasdaq Composite fell 5%.
Crypto assets are traded more in line with other risky assets, such as growth and technology stocks.

The Nasdaq Composite technology index has fallen more than 21% this year, while bitcoin has also fallen 21% since the beginning of the year. The market value of bitcoin fell 17% to 716 billion dollars.

With the sale on Thursday, the total market value of bitcoin fell to about 690 billion dollars.
Widespread allocation of risky assets has severely affected the cryptocurrency market, reducing everything from bitcoin to NFT. He also began to influence companies in the industry. Crypto companies grew earlier this year when several paid millions of dollars to run ads during the Super Bowl. But since then the momentum has faded sharply.

For Coinbase Global Inc., one of those Super Bowl advertisers, desktop and mobile traffic fell 26 percent in the first quarter from a year earlier. Installations of mobile applications in March decreased by 67% compared to April 2021, the month in which the company went public.

Analysts predict that Coinbase’s earnings for the first quarter will be $ 0.00, up from $ 3.05 a year ago. The company will report its profits on May 10.