Bitcoin fell below $ 35,000 on Sunday morning after falling nearly 4 percent in the last 24 hours and nearly 9 percent in the last seven days. The market capitalization of the largest cryptocurrency fell to $ 658 billion, according to CoinMarketCap. On March 28, that figure was over $ 900 billion.
The downward pressure began after the Federal Reserve announced it would raise interest rates, erasing the brief recovery Bitcoin enjoyed earlier last week.
Institutional investors began withdrawing assets from exchange-traded bitcoin funds more than a week ago, according to a CoinShares report. Bitcoin outflows last week totaled $ 133 million, the highest level since June 2021.
At the time of writing, Ethereum, the second-largest cryptocurrency by market capitalization, has fallen nearly 5 percent in the last day and nearly 8 percent in the last seven days, trading at about $ 2549.
Other notable coins are also lagging behind, according to CoinMarketCap. ApeCoin (APE) fell 8% in 24 hours (and 32% in seven days) to $ 11.69, Terra’s LUNA fell more than 15% in 24 hours to $ 61.68, and Avalanche (AVAX) fell more than 7% to $ 52.38 during the day.
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