Bitcoin Falls to its Lowest Level Since January

The price of Bitcoin yesterday fell by more than 10%. According to Bloomberg, on some exchanges, the coin fell to $35,611, which is its lowest value since January 21.

BTC partially bounced back, and on the night of Friday, it was trading at around $36,307.

Almost all major altcoins also experienced significant losses. Ether fell by about 8% to $2,700, while Binance Coin (BNB) and Solana (SOL) fell about 6% and 7% to $376 and $84.5, respectively. The total capitalization of the crypto market has slid to $1.668 trillion.

According to Josh Lim from Genesis Global Trading, the market crash was inevitable after the Federal Reserve (Fed) increased the discount rate. Risk assets that Bitcoin correlates with have been heavily affected.