The cryptocurrency market fell over the weekend, mirroring the slide of the broader stock market.

The cryptocurrency market fell over the weekend, mirroring the slide of the broader stock market.

The world’s largest cryptocurrency, bitcoin, fell to $34,702.69 on Sunday morning, a 3.8% change from Friday evening, according to prices from CoinDesk. Bitcoin’s price is almost half its all-time high of $67,802.30 in November.

As more professional investors have entered the cryptocurrency market, it’s increasingly moved in tandem with traditional markets. Institutional investors that buy cryptocurrencies treat them as risk assets, similar to tech stocks.
The stock market fell last week the day after the Federal Reserve announced a rate increase of a half point, the biggest since 2000, to battle inflation. The central bank is also unwinding some of its $9 trillion asset portfolio. Fed Chairman Jerome Powell said there could be additional increases over the summer.