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Cryptocurrencies continued their spectacular plunge on Saturday, with Bitcoin —  the largest cryptocurrency cutting off half of its value from its November all-time high price.

Bitcoin (BTC) the biggest cryptocurrency by market capitalization plunged more than 8% on Saturday. It traded around $35,000, which is 49.28% lower than its all-time high of $69,000 that the digital token reached in November 2021.

On the other hand, Ethereum (ETH) the second-largest crypto by market value plummeted 10% and traded around $2,400.

The bearish market deepened the wound of investors after the Thursday dip in the stock market. In the last few months, the cryptocurrency market became somehow tied to the stock market. Something that didn’t exist before. But, recently, the crypto market seemed like it’s imitating the stock market in its plunges.

This time, concerns from investors about Federal Reserve raising interest rates sooner than expected was one of the major factors that caused cryptocurrency prices to tumble. When interest rates are increased, high-risk assets are affected, and this results in major sell-off from investors.

The recent price plummets put a question mark around whether Bitcoin could actually serve as a hedge against inflation. Analysts argue that Bitcoin is more of a risk asset, especially with the recent price fluctuations. 

Meanwhile, there are also concerns that U.S. regulators will lead major crackdown on cryptocurrencies.

Russia’s central bank proposed the banning of crypto-related services including trading, using, and mining cryptocurrencies, earlier this week. Russian officials argued that Bitcoin could destabilize financial systems and the well-being of citizens.