Since Nov. of 2021, the Cryptocurrency market has plummeted $1.4 trillion dollars.
The stock market has been falling since the start of the New Year, and have experienced their worst week since March of 2020.
It is anticipated that the Federal Reserve is going to implement a stricter policy, so people are dumping technology stocks at a greater rate.
Russia’s plans to ban mining and cryptocurrency is also impacting the market.
According to Marca, Bitcoin dropped to $32,982.11 on Monday. By the afternoon it was back up to $37,183.25.
Ether fell to $2,176.41 before rising to $2,444.85.
Many shareholders are choosing to let go of their stocks and Cryptocurrency in response to how the Federal Reserve plans to handle inflation and the added regulations.
While some analysts predict the drop to hit around $30,000, others see the potential for it to drop even lower.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].