Bitcoin’s price on Monday fell to a three-month low as other cryptocurrencies were in the red. Bitcoin has so far reacted negatively to more aggressive measures announced by the US central bank.
Investors were worried over global inflationary pressure and the situation in Ukraine.
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Bitcoin’s price was down by 3.48 per cent at $33,569.96. The world’s largest cryptocurrency hit the lowest in 2022 at $32,951.
Ethereuem, the second largest cryptocurrency by market capitalization, was down by 4.15 per cent at $2,453.65.
“Bitcoin continued to fall over the weekend as investors and institutions paused following the hike in interest rates. BTC has been trading at its lowest today at US$33,000, which is the weakest since January. BTC dipped by nearly 13% over the past week, and if this downtrend continues, we may also see BTC falling towards US$30,000,” Edul Patel, CEO and Co-founder of Mudrex, said.
“Ethereum and most cryptocurrencies are also down since the past week. Due to rising macroeconomic factors, the downward trend is likely to continue for the next few days,” Patel said.
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XRP price fell by 2.34 per cent, Terra was down by 4.89 per cent, Solana fell by over 5 per cent, Caradano was down by 7 per cent, Avalanche fell by over 7 per cent, Stellar crashed 5 per cent.
Other cryptocurrencies such as Dogecoin fell by over 3 per cent, and Shiba Inu was down over 7 per cent.
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