Bitcoin price falls below $37,000 in tandem with tech selloff

It is becoming a more common occurrence: When stocks fall, so does bitcoin.

Bitcoin, the world’s largest cryptocurrency by market value, fell below $37,000 Friday to its lowest dollar value since August 2021, according to CoinDesk. It settled at $36,689.39, down 11% from Thursday and down 46% from its record in November 2021.

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The drop came fast on the heels of a late-afternoon swoon in the stock market on Thursday.

Cryptocurrencies and stocks have fallen together since the start of the year, responding to investor worries about how a series of expected Federal Reserve interest-rate increases will ripple through markets.

“Cryptocurrencies are no longer an isolated risk asset and are responding to changes in global policy,” said Clara Medalie, research director at cryptocurrency

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Dow tanks 392 points in stock selloff after Fed signals faster rate hikes

U.S. stocks ended sharply lower on Wednesday after selling picked up following the latest minutes from the Federal Reserve’s December meeting which signaled that policymakers are concerned about inflation broadening, which could accelerate planned rate hikes this year. 

The Dow Jones Industrial Average, which hit a record earlier, closed down 392 points or 1%, while the S&P 500 and Nasdaq Composite dropped 1.9% and 3.3%, respectively. Investors continued to rotate out of technology. 

HIRING PICKS UP WITH 807,000 JOBS CREATED: ADP

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 36407.11 -392.54 -1.07%
SP500 S&P 500 4700.58 -92.96 -1.94%
I:COMP NASDAQ COMPOSITE INDEX 15100.174159 -522.54 -3.34%

The selling puts the Dow farther away from its next 1,000 point milestone – 37,000.

Tech

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Dow posts biggest single-day drop this year as new COVID-19 variant triggers market sell-off

U.S. stocks suffered from some of the biggest single-day declines of the year on Friday as a new, fast-spreading COVID-19 variant detected in South Africa triggered fresh fears that a resurgent coronavirus could scuttle the global economy’s recovery from the pandemic. 

The Dow Jones Industrial Average – after briefly falling more than 1,000 points – ended the day down 905 points, or 2.5%, for its worst drop of the year, while the S&P 500 fell 2.27%, its worst day since February. The Nasdaq Composite dropped 2.23% in the shortened trading session on Friday (U.S. markets close at 1 p.m. ET due to the Thanksgiving holiday.) 

The drop comes after health officials warned of a new variant found in South Africa that has a high

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