Archive: Satheesh Sankaran, CC BY 2.0.
Bitcoin slid below $79,000 on Thursday evening, reaching its lowest level in more than a month, as a selloff in U.S. technology stocks spread to digital assets.
The largest cryptocurrency changed hands at $78,551 on Coinbase’s exchange at 7:31 p.m. Eastern, down 3.3% over the previous 24 hours, after falling as low as $78,177, according to Coinbase’s price data. The exchange’s daily data show Thursday’s low was the weakest reading since at least late September. Ether, the second-largest cryptocurrency, traded at $2,263, down about 4% over the same period.
The drop came as technology shares led Wall Street lower: the Nasdaq Composite closed down 1.4%, and Alphabet shares tumbled 12.6%, according to Nasdaq’s closing data. Digital assets extended a slide that began after the Federal Reserve held its benchmark interest rate steady on Wednesday, a decision that drew dissents from two policymakers who preferred a quarter-point rate increase, the central bank’s statement showed.
JBizNews Desk | New York
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