Bitcoin drops as Wall Street shares tumble

Bitcoin drops as Wall Street shares tumble

A Bitcoin logo sign outside a cryptocurrency exchange kiosk in Istanbul, Turkey, on Tuesday, April 26, 2022. Both tech stocks and Bitcoin have notched big swings this year as the Federal Reserve becomes less accommodative as part of its fight to combat inflation. Photographer: Erhan Demirtas/Bloomberg



Bitcoin plunged to its lowest level since July 2021 on Monday, dropping in tandem with slumping U.S. equity markets amid concerns about the Federal Reserve's aggressive tightening path.

The world's largest cryptocurrency by market capitalization, bitcoin dropped to as low as $30,331.28, falling for a fifth consecutive session. Bitcoin was last down 9.8% at $30,724.

Bitcoin has dropped 19% so far in May, losing more than half its value since hitting an all-time high of $69,000 in November last year.

The S&P 500 on Monday hit its lowest since April 2021, led by declines in mega-cap growth shares. Nasdaq was down more than 3%, while Apple (AAPL.O) shares also fell more than 3% and were the biggest weight on the Nasdaq and S&P 500.

Alex Miller, chief executive officer of Hiro, believes "volatility in the market stems from speculation. And because bitcoin is so speculative, its price and the rest of the crypto market is dropping alongside the