Image source: Coin Gape
Since the crypto crash months ago, many cryptocurrencies have suffered significant drops in value, especially Bitcoin.
Bitcoin recently fell below the $19,000 line for the first time since the United States’ Independence Day.
Bitcoin
As of this writing, Bitcoin is trading for $18,745.70.
The last time the top cryptocurrency hit similar lows was on July 4 when it traded for $18,600.
Previously, Bitcoin traded for $18,900 in November 2020 before it hit an all-time high of over $60,000 in 2021.
As a result, investors have been shedding the crypto asset for various reasons.
Bitcoin’s sell-off correlated with the US stock market, and stocks were down following a volatile trading session that came from fears of the Federal Reserve continuing to hike interest rates.
Additionally, the Fed’s monetary policy of hiking up interest rates to combat four-decade high inflation prompted investors to sell risky assets like stocks and cryptocurrency.
Sell-off
According to experts, Bitcoin’s sell-off intensified when news broke out that Russia shut down the Nord Stream 1 pipeline, halting gas to Europe and spooking markets.
On Monday, the Russian government claimed it would restore gas supplies if sanctions were lifted.
Despite the ominous news, Bitcoin fans remain unfazed.
Other cryptocurrencies
Of the top ten cryptocurrencies, Bitcoin suffered the heaviest drops, falling by 5.16% in 24 hours.
Meanwhile, Ethereum, the second biggest cryptocurrency, fell by 7.89%, selling at $1,534.49.
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