Bitcoin price falls below $37,000 as market risks increase

Bitcoin is struggling to stabilize after a day that saw the cryptocurrency fall more than 8% to below $37,000.

Bitcoin has traded lower in five of the past seven days and is now down more than 20% year-to-date.

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Bitcoin is down about 47% from its November record high of $68,991.

Cryptocurrency prices fell Thursday along with the huge plunge in the major stock indexes.

Ethereum fell more than 6% to around $2,700.

Of the top 30 cryptocurrencies listed by CoinDesk, 29 were down on the day, according to the Wall Street Journal.

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Stocks and cryptocurrencies have experienced similar rollercoaster moves.

This past year, stocks and cryptocurrencies have reacted to moves in monetary policy.

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U.S. stocks tanked Thursday, posting the worst session since 2020 as the yield on the 10-Year Treasury rose to 3.066%. 

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Shares soared on Wednesday, after the Federal Reserve raised interest rates by a half a point for the first time in two decades and Chairman Jerome Powell signaled that the economy can avoid a recession. 

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