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
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.