Cryptocurrencies tumble, with bitcoin falling 10% and ether down 13%

Posted by Weizhen Tan,

Share on Facebook

Tweet on Twitter

Bitcoin prices fell sharply on Friday, while ether prices also dived, wiping off nearly $150 billion from the crypto market.

Bitcoin fell about 10% and was trading near $38,330 on Friday, according to Coin Metrics. Ether, the second-largest cryptocurrency by market cap, dived more than 13% to $2,752.

The declines in cryptocurrencies follow Wall Street losses on Thursday. The Nasdaq Composite lost 7.3% this week, and the S&P 500 fell 5.7% for its third straight weekly decline.

Rising rates have prompted investors to shed positions in riskier assets. Earlier this week, the benchmark 10-year Treasury yield traded above 1.9%.

The Federal Reserve have also indicated it plans to begin reducing its balance sheet, as well as tapering of bonds and raising interest rates…read more.