Bitcoin plunges to lowest price since 2020 amid broader sell-off
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Summary
But that's still 20 percent below the price one week ago and 57 percent below last November's peak.Bitcoin's fall is part of a broader cryptocurrency sell-off. Last week, the Fed increased its target interest rate by 0.5 percent, the most significant one-day hike in two decades.Rising interest rates tend to push down the market value of all assets. Canoo recently warned it could run out of money before producing its first car.The last six months have been brutal for "meme stocks." GameStop stock is down 63 percent from last November, while AMC is down 77 percent over the same period.All of these assets saw their value soar in early 2021 as the Fed and Congress pumped record amounts of money into the economy.
As said here by Timothy B. Lee