Bitcoin drops to lowest level in over two months, as Dow plunges more than 1,000 points

bitcoin-drops-to-lowest-level-in-over-two-months,-as-dow-plunges-more-than-1,000-points

Bitcoin BTCUSD, -3.60% plunged more than 5% Thursday to the lowest level since Feb. 22, amid broad sell-offs in stock markets. The cryptocurrency dropped to as low as $36,639 Thursday, according to CoinDesk data. It was trading midday New York time at around $36,933, down 5.5% over the past 24 hours. The Dow Jones Industrial Average DJIA, -0.30% was down about 1,070 points,  or 3.2%, according to FactSet data. Major stock indexes and crypto assets rallied on Wednesday, after the Fed Chairman Jerome Powell said the central bank was not likely to hike its benchmark interest rate by 75 basis points at its next meeting. The Federal Reserve lifted its benchmark interest rate by 50 basis points though as widely expected, and said that in June it will start a multi-trillion dollar balance sheet contraction. 

Source: Marketwatch

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