Bitcoin Sinks to , 10-Month Low.
Reuters reports that on May 9, Bitcoin hit its lowest point since July 2021.
At one point, it dropped to $32,763.16.
Reuters reports that since the cryptocurrency reached an all-time high of $69,000 last November.
It has lost over half its value and fallen 13% in May thus far.
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Matt Dibb, COO of crypto platform Stack Funds, addressed the current trend.
I think everything within crypto is still classed as a risk asset, and similar to what we've seen with the Nasdaq, most crypto currencies are getting pummeled, Matt Dibb, COO of crypto platform Stack Funds, via Reuters.
As the U.S. Federal Reserve continues to hike interest rates to battle inflation.
The Nasdaq dropped 1.5% last week, losing 22% year to date.
Reuters reports that Ether, the second-biggest cryptocurrency in the world, also hit its lowest point since February on May 9 at $2,360
