Bitcoin Dropped Below $17,800

Bitcoin plunged to about $17,749, and ether fell to about $897, on Saturday afternoon. The world’s two hottest cryptocurrencies are down greater than 35% in the past week.

Bitcoin bounced again to around $18,955 and ether was buying and selling at about $995 later during the day. As the get-rich-quick days of crypto seem to be over, the crypto market is suffering from macroeconomic forces, including spiraling inflation and a succession of Fed rate hikes.

Bitcoin peaked at $68,789.63 in November. Ether peaked at $4,891.70 that same month.