Last week, Bitcoin's wide slump continued, plunging the cryptocurrency market into a spiral and sending Bitcoin down about 10%.

According to Coindesk, Bitcoin, the world's largest digital currency by market capitalization, is down approximately 3% at $33,594.50.

Bitcoin is currently selling at its lowest level since late January, with investors looking for a rebound in late 2021.

With this, Bitcoin's price has dropped by more than half from its peak of $68,990.90 in November 2021.

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The drop comes after the Dow Jones Industrial Average dropped almost 1,000 points and the Nasdaq dropped 5% on Thursday. The Dow and Nasdaq then plunged further on Friday, marking the largest one-day decline since 2020.

In response to inflationary concerns, the Federal Reserve hiked its interest rate by half a percentage point on Wednesday.

“Inflation fears continue to put pressure on markets,” said Luno, vice president of business development at cryptocurrency exchange Luno. He believes that if the bitcoin price falls below $30,000, it might go much lower to $25,000 before making a significant upward move.

According to CoinGecko.com, the worldwide cryptocurrency market cap topped $1.68 trillion on Sunday, while the past day's cryptocurrency trading volume was $119 billion.


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