It is down more than 50% from its peak price of $68,990.90
Bitcoin hit its lowest value since July 2021 reaching $32,271 at 11:51 AM in New York.
The 10% drop was triggered by the broad stock sell-off in the US markets after the Federal Reserve tightened the monetary policy. The second-largest cryptocurrency, Ether fell to $2377.06 at the same time, losing around 5.6% in the past 24 hours.
Bitcoin lost the critical support level of $40,000 last week and did not hold above subsequent support levels at $38,000 and $35,800. It could drop to as low as $31,500 if current levels fail to hold, reported CoinDesk.
It is now down more than 50% from its peak price of $68,990.90 in November 2021.
The stock market rallied after the Fed Chair Jerome Powell said a larger rate hike of 75 basis points isn’t being considered, but by Thursday, investors had erased the Fed rally’s gains.
The global market cap for cryptocurrencies was at $1.68 trillion on Sunday, according to data from CoinGecko.com, and cryptocurrency trading volume in the last day was at $119 billion.