Bitcoin Falls Below $35K for First Time Since January

Bitcoin fell below $35,000 on Sunday morning after declining almost 4% over the past 24 hours and nearly 9% over the last seven days. The market cap of the largest cryptocurrency tumbled to $658 billion, according to CoinMarketCap data. On March 28, that figure stood at more than $900 billion.

The downward pressure began after the Federal Reserve announced it would raise interest rates, erasing the brief recovery Bitcoin enjoyed earlier last week.

Institutional investors began pulling assets out of Bitcoin exchange-traded funds more than a week ago, according to a CoinShares report. Bitcoin outflows the week before last totaled $133 million, the highest since June 2021.

As of this writing, Ethereum, the second-largest cryptocurrency by market capitalization, was down nearly 5% over the past day and almost 8% over the last seven days, trading at about $2,549.

Other notable coins also were lagging, according to CoinMarketCap data. ApeCoin (APE) was down 8% over 24 hours (and 32% over seven days) to $11.69, Terra's LUNA fell more than 15% over 24 hours to $61.68, and Avalanche (AVAX) dropped more than 7% to $52.38 on the day.