The price of bitcoin fell below USD 33,000, this Monday, May 9, the lowest level in almost 10 months, due to the effect of the great liquidation in global markets.
The coin was recorded at $32,650 at 10:58 GMT, according to data from Binance, the world’s largest cryptocurrency exchange by trading volume.
This marked the lowest level for Bitcoin since July 23, 2021 when it fell to $32,040.
Bitcoin, the world’s largest cryptocurrency by market capitalization, lost more than half its value last year, falling to $29,303 on July 20.
See also: The cryptocurrency market falls 10% due to fears of the new variant of the coronavirus
The current market sell-off comes after the US Federal Reserve last week announced a 50 basis point interest rate hike and warned that more announcements could be made for upcoming Fed meetings.
Since then, the Fed’s hawkish stance and monetary tightening have sparked pessimism among investors and a panic-selling environment in global markets.
US stock market futures fell on Monday, pointing to another possible losing session, as the S&P 500 and Nasdaq fell more than 2% each by 11:20 GMT.
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