Bitcoin fell below $35,000 yesterday morning after declining almost 4% over the past 24 hours and nearly 9% over the last seven days. The market cap of the largest cryptocurrency tumbled to $658 billion, according to CoinMarketCap data. And as of this writing, it has further decreased to $637 billion.
The downward pressure started after the American Federal Reserve declared it would hike interest rates, thereby wiping bitcoin’s recent recovery.
According to a CoinShares report, institutional investors began withdrawing assets from bitcoin exchange-traded funds more than a week ago. The previous week’s bitcoin outflows totaled $133 million, the most since June 2021. Ethereum, the second-largest cryptocurrency by market value, was trading at around $2,549, down over 5% in the last day and nearly 8% in the last seven days.
According to CoinMarketCap data, other notable coins were also trailing. ApeCoin (APE) was down 8% in 24 hours (and 32% in seven days) to $11.69, Terra’s LUNA was down more than 15% in 24 hours to $61.68, and Avalanche (AVAX) was down more than 7% to $52.38 on the day.