Jan 22 (Reuters) - Bitcoin dropped again on
Saturday and was last down around 4% for the day, hovering
around the $35,000 level.
Bitcoin, the world's biggest and best-known cryptocurrency,
is now about half its $69,000 peak in November. It was last at
$35,049, after falling as low as $34,000 and following a steep
fall on Friday.
The currency has had wild price swings and has been hit as
risk appetite has fallen on inflation fears and anticipation of
a more aggressive pace of interest rate hikes from the U.S.
Other risk assets have fallen with stocks falling on Friday.
The S&P 500 and Nasdaq recorded their biggest weekly percentage
drops since the start of the pandemic in March 2020.
In a research note on Friday, Edward Moya, senior market
analyst for the Americas at OANDA, said bitcoin was falling as
"crypto traders de-risk portfolios following the bloodbath in
stocks" and in advance of next week's Federal Reserve policy
"Bitcoin remains in the danger zone and if $37,000 breaks,
there is not much support until the $30,000 level," Moya wrote
Ether, the coin linked to the ethereum blockchain
network, dropped 6.7% to $2,396 on Saturday.
(Reporting by Rhea Binoy in Bengaluru and Megan Davies in New
York; Editing by Cynthia Osterman)