Bitcoin's price tumbles as much as 7% during financial markets tumult

Bitcoin • May 5, 2022, 1:56PM EDT

Cryptocurrency prices fell across the board on Thursday, with bitcoin dropping as much as 7% — a move that came in tandem with a broader decline in financial markets.

Bitcoin’s price dropped down from about $39,500 at 9 a.m. ET to as low as $36,863.93 as of 1 p.m. ET, according to Coinbase data. At the time of writing, BTC is changing hands at roughly $36,845, per Coinbase data via TradingView.

The move is generally in line with a broader trend across financial markets on Thursday as most major US stock indexes were down. At the time of writing, the Nasdaq 100 is down just over 700 points, or a roughly 5.1% loss, since the open.

Bitcoin’s price rose Wednesday after starting May — which has historically been a good month for the crypto — in the red after trending downwards throughout April.

Elsewhere, Coinbase’s stock price crashed as much as 11%, down from $124.69 at open to as low as $112.63. Coinbase has since recovered marginally to trade at $115.64 at the time of writing.

About Author

Adam Morgan is a reporter covering cryptocurrency, financial markets, and economics – anything from price movements, earnings reports, and inflation to the U.S. Federal Reserve interest rate decisions and everything in between. Adam is based in London.