The currency has lost ground from the past week.
The largest coin by market value dropped 4% in the last 24 hours, hitting a daily low of $34,406.
It is currently trading at around $34,519, down 9% in the last seven days and 40% year to date.
The second-largest is in the red, down 7.4% in the last week.
In the last 24 hours, the market has taken a hit.
This nosedive comes after the Federal Reserve indicated it would raise interest rates by half a percentage point on Thursday, which caused a stock-market selloff.
Cryptocurrencies are moving in sync with tech stocks.
Bearish sentiment continues to prevail as the Fed looks to slow down inflation. Over the past six months, there has been a stronger correlation between stocks andcryptocurrencies, according to IntoTheBlock.
Lucas Outumuro, head of research at IntoTheBlock, told Fortune last week that until the market starts looking past the impact that quantitative tightening and raising rates will have, it's hard to establish a broader up-trend.
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