Bitcoin drops below $35,000 over the weekend, extending Friday’s losses

Bitcoin is a volatile asset, and has been known to swing more than 10% higher or lower in a single day.

The stock market sell-off in the U.S. last week caused the market for cryptocurrencies to plummet by 10%.

According to data from Coin Metrics, the world's largest digital currency was down more than 3% on Sunday. As it attempts to regain its highs of late 2021, Bitcoin has been trading in a narrow range.

The drop comes after the blue-chip index lost more than 1,000 points on Thursday. The losses were the worst since 2020. The stock market fell on Friday.

The Federal Reserve raised its benchmark interest rate by half a percentage point on Wednesday.

The stock market rose after Powell said a larger rate hike wasn't being considered. The Fed rally was erased by investors.

The global market cap of cryptocurrencies was at $1.68 trillion on Sunday, according to data from CoinGecko.com.

Tanaya Macheel contributed reporting.