Bitcoin dropped below the $36k mark

Bitcoin continues to get cheaper on Friday along with other cryptocurrencies. The current BTC quote is $35947. The daily low was marked at $35618. Last time such values were observed in January 2022.

The record high of bitcoin was recorded in November last year – then the most popular cryptocurrency cost $68991. 

Analysts note that, theoretically, cryptocurrencies should be traded independently of traditional financial markets. However, in practice, there is a clear correlation in the dynamics of the crypto market with other risky assets, including shares of technology companies. For example, the Nasdaq Composite index, in which technology companies have a significant weight, also dropped by 21% this year.

This week, the movement of cryptocurrencies mainly coincides with the dynamics of the US stock market, which reacts to the decisions of the Federal Reserve System (FRS) and the statements of its chairman Jerome Powell. The regulator has raised the interest rate again – this time by 50 bps. Now its range is 0.75-1% per annum.

An additional factor influencing the dynamics of the crypto market was news from Argentina, where the country's central bank banned local financial institutions from offering customers any operations with digital assets, including the purchase of cryptocurrencies. This was announced just two days after two major Argentine banks announced that they were offering their customers the opportunity to purchase cryptocurrencies.