Bitcoin’s price tumbles as much as 7% during financial markets tumult
Cryptocurrency prices fell across the board on Thursday, with bitcoin dropping as much as 7% — a move that came in tandem with a broader decline in financial markets.
Bitcoin’s price dropped down from about $39,500 at 9 a.m. ET to as low as $36,863.93 as of 1 p.m. ET, according to Coinbase data. At the time of writing, BTC is changing hands at roughly $36,845, per Coinbase data via TradingView.
The move is generally in line with a broader trend across financial markets on Thursday as most major US stock indexes were down. At the time of writing, the Nasdaq 100 is down just over 700 points, or a roughly 5.1% loss, since the open.
Bitcoin’s price rose Wednesday after starting May — which has historically been a good month for the crypto — in the red after trending downwards throughout April.
Elsewhere, Coinbase’s stock price crashed as much as 11%, down from $124.69 at open to as low as $112.63. Coinbase has since recovered marginally to trade at $115.64 at the time of writing.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Adam Morgan McCarthy
