Bitcoin Price Plummets Below $40,000 As Crypto Market Tallies $440 Million In Liquidations

Bitcoin fell 15% in the last 24 hours, plunging below $40,000 for the first time since middle of March. Meanwhile, Ethereum was down 14%, retreating below the $3,000 level for the first time since March 22. BTC was trading at $39,783 at the time of writing, while Ether (ETH) fell to $2,978.54, according to Coingecko data. Investors are weighing the prospects of rising interest rates, skyrocketing inflation, and global commerce being disrupted as a result of Russia’s attack on Ukraine, among other factors. Suggested Reading | What’s Next For Bitcoin As Prices Encounter Difficulty Reclaiming $43,000? Bitcoin Retreats To Monthly Low Faced with the threat of further rate hikes by the US Federal Reserve, Bitcoin, along with stocks, is sliding to a monthly low. Hundreds of millions of dollars worth of liquidations have occurred as a result. Market experts believe that the central bank’s balance sheet reductions are exerting downward pressure on stocks and risk assets, with Bitcoin potentially losing allure. Decentrader co-founder filbfilb concurred with these severe headwinds, stating that the Fed’s action will have an effect on the BTC price trend “for months to come.” Lesser Exposure To Speculative Assets Investors appear to be decreasing their exposure to speculative assets, such as stocks and cryptocurrencies, in response to fears about inflation and slowing economic development. Additionally, ...