Cryptocurrencies
Cryptocurrencies Extend Drop as ‘Tough Environment’ Culls Demand
- It’s going to be tough environment for crypto: TIAA’s Gaffney
- Macro continues to be challenging theme for crypto, equities
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Bitcoin and other cryptocurrencies slid on Friday as investors continued to bail from riskier assets following the Federal Reserve’s promise that it will stay aggressive in its fight against inflation.
The largest digital coin by market value fell as much as 3.7% during the session to trade around $18,538. Ether, the second-largest, was down 4.7% at one point to $1,262, while an index of 100 of the largest coins lost 1.6%. The S&P 500, meanwhile, was down 2% a little before noon in New York.