Wall Street , Hits Bear Market , as Stocks and Crypto Drop.<br />On June 13, Wall Street plummeted into <br />a bear market as the S&P 500 dropped over <br />20% below its record set earlier this year. .<br />The 'Associated Press' reports that the index fell 3.9% in early trading, while the Dow Jones Industrial Average lost 1,000 points before finishing with a loss of 876. .<br />The 'Associated Press' reports that the index fell 3.9% in early trading, while the Dow Jones Industrial Average lost 1,000 points before finishing with a loss of 876. .<br />According to 'AP,' the sell-off centers around <br />the Federal Reserve, which is trying to control <br />inflation with a series of interest rate hikes.<br />According to 'AP,' the sell-off centers around <br />the Federal Reserve, which is trying to control <br />inflation with a series of interest rate hikes.<br />As those rising interest rates raise concerns <br />of a potential recession, prices fell worldwide <br />for everything from bonds to bitcoin. .<br />Some of the steepest declines <br />were seen in technology stocks. .<br />Tesla fell 7.1%, Amazon lost 5.5% <br />and GameStop dropped 8.4%.<br />Tesla fell 7.1%, Amazon lost 5.5% <br />and GameStop dropped 8.4%.<br />According to Coindesk, cryptocurrencies <br />also suffered as Bitcoin fell <br />over 14% to drop below $23,400. .<br />The best thing people can do is to <br />not panic and don’t sell at the bottom, <br />and we’re probably not at the bottom, Randy Frederick, Managing director of trading <br />and derivatives at the Schwab Center for <br />Financial Research, via the 'Associated Press'.<br />The best thing people can do is to <br />not panic and don’t sell at the bottom, <br />and we’re probably not at the bottom, Randy Frederick, Managing director of trading <br />and derivatives at the Schwab Center for <br />Financial Research, via the 'Associated Press'.<br />Some economists have speculated<br />that the Fed may raise its key <br />rates again on June 15.<br />The rumored mega-hike would see key interest <br />rates rise by three-quarters of a percentage point, <br />the largest rate hike since 1994.<br />The rumored mega-hike would see key interest <br />rates rise by three-quarters of a percentage point, <br />the largest rate hike since 1994
