Bitcoin Price Falls Below $37,000 in Tandem With Tech Selloff

Digital currency hits its lowest level since August 2021, showing a tight correlation with moves in the stock market

It is becoming a more common occurrence: When stocks fall, so does bitcoin. 

Bitcoin, the world’s largest cryptocurrency by market value, fell below $37,000 Friday to its lowest dollar value since August 2021, according to CoinDesk

It settled at $36,689.39, down 11% from Thursday and down 46% from its record in November 2021

The drop came fast on the heels of a late-afternoon swoon in the stock market on Thursday

Cryptocurrencies and stocks have fallen together since the start of the year responding to investor worries about how a series of expected Federal Reserve interest-rate increases will ripple - markets

Cryptocurrencies are no longer an isolated risk asset and are responding to changes in global policy,” said Clara Medalie

 research director at cryptocurrency market data provider Kaiko. “It’s not surprising that both will start to become more volatile as the liquidity taps turn off.” 

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