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Bitcoin continued to see a red Friday as the crypto currency was dragged down by the stock market selloff which saw the Dow Jones Industrial Average lose more than 1,000 points in the previous system.
Bitcoin fell about 9% to $ 36,075 in the last test on Friday, while ethereum closed at about 7.7% to $ 2,706.17 and dogecoin dropped by 5.4% to $ 0.127099.
Earlier, the king of cryptocurrencies fell to $ 35,486.
Shares were also down, and Dow came out with 425 points on Friday morning.
Crypto-Equity Connection
"The correlation between cryptocurrency and equities has been discussed extensively in the aftermath of bitcoin and the tech-heavy Nasdaq 100 has shown a higher positive correlation than originally expected," said analyst. "Over the past week, the basics have included interest rate expectations and no one can ignore the ongoing battle that continues to put pressure on supply policies, especially in real estate."
The Federal Reserve on Wednesday increased its Fed Funds rate by 50 points, from a level of 0.75% to 1%, the highest rate in its more than two decades.
The central bank has also confirmed plans to reduce its $ 8.9 billion balance sheet, with $ 47.5 billion sold from June 1 at an estimated annual sales of $ 95 billion, including $ $ 60 billion in Treasury bonds and $ 35 billion in mortgage bonds.
Although bitcoin, ether, and "older" cryptocurrencies have appeared to be at risk from these problems so far, Da Costa said he believes "that rising interest rates could jeopardize short-term opportunities for profit."
"It is important to note that pre-war economic forecasts / forecasts are made under the assumption that if the interest rate rises, everything else will fall into what we call 'equity', where supply and demand meet," Analyst said.
"However," he added, "now as market participants appear to be more reluctant to take on the additional risk associated with the crypto sphere - namely: non-dividend-cryptocurrency revenues have met a slight decline which I believe is apparent. 'Normal' in these cases."
"A lot of people were very happy to buy # Bitcoin for $ 69,000," said one person. "But obviously, no one wants to buy the same #B Bitcoin at half that price ..."
