Bitcoin: Bitcoin drops the most in almost a month

Synopsis

Ether slumped as much as 7.2%. Avalanche and Solana, among some of the largest gainers after the US central bank raised rates Wednesday, were down as much as 11% and 7.3%, respectively.

Bitcoin dropped the most in almost a month as the optimism seen across financial markets following the Federal Reserve’s meeting on Wednesday faded.New York: Bitcoin dropped the most in almost a month as the optimism seen across financial markets following the Federal Reserve’s meeting on Wednesday faded.

The largest digital currency fell as much as 8% to $36,639, the biggest intraday drop since April 11. It had gained 5.3% on Wednesday. Ether slumped as much as 7.2%. Avalanche and Solana, among some of the largest gainers after the US central bank raised rates Wednesday, were down as much as 11% and 7.3%, respectively.

“The market still needs to digest the impact of tighter monetary policy on all risk assets and crypto might take a hit as correlations” with U.S. stocks increase, said Josh Lim, head of derivatives of New York-based brokerage Genesis Global Trading.
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Updated: 05/05/2022 — 22:00