Bitcoin, Ethereum and other popular digital coins saw steep declines on Friday, with prices hitting lows not seen in months.
Bitcoin dropped to $35,422 USD late on Friday, according to Coinbase, down from its all-time high of $69,000 USD in November. Ethereum hit a low of $2,467 USD on Friday, down from its November high of $4,867 USD, while Dogecoin fell below $0.14 USD, its lowest price since April.
Other popular coins, like Binance Coin, Cardano and Solana, also experienced major dips. According to Coinbase, the crypto market dropped 8.33% over the past 24 hours.
CNBC reports that investors are shedding riskier assets as rates continue to rise.
Last week, Bitcoin and Ethereum also dipped to new lows but recovered shortly after.
In other news, New York City Mayor Eric Adams is taking his first paycheck in cryptocurrency.
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