Bitcoin Price Drops 54% From High

The cryptocurrency market has continued to plummet, reflecting the general stock market.

Bitcoin, the world's most valuable cryptocurrency, sank 10% to $31,075.70 on Monday evening, according to CoinDesk. Bitcoin's price has plunged 54% from its November peak 

Its volatile pricing is well-known among cryptocurrency users. Individual investors dominated the market for years, but now hedge funds and money managers have taken over.

With more professional investors trading crypto, the industry has become more conventional. Like technology stocks, many institutional investors see cryptocurrencies as risk assets

The stock market fell last week after the Federal Reserve issued a half-point rate hike to combat inflation. Chairman Jerome Powell hinted for further hikes this summer. 

Cryptocurrency firms have been trying to get recognition. With more venture financing, crypto platforms are spending more on lobbying and direct marketing to customers.

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