It’s been an unsteady start to the week in the crypto markets, with the Bitcoin price dropping below $40k again on Saturday and falling further this morning to around the $38,500 mark.
The price of the leading cryptocurrency is currently down around three per cent over the past 24 hours. The fall means that Bitcoin yesterday closed a fourth consecutive weekly candle in the red for the first time since June 2020.
Other major cryptocurrencies have fared even worse, with Ethereum down four per cent. XRP and Uniswap are the big losers today, both down around eight per cent.
The price activity this morning echoes a wider decline across global financial markets amid anxiety over the general health of the global economy, with China’s fresh Covid-19 lockdowns adding to Russia’s invasion of Ukraine and the rising cost of living.
The correlation between Bitcoin and traditional markets has been high this year, and today’s crash is a key reason why it concerns many investors. The UK’s stock market has opened at its lowest in five weeks, while China’s stock market has tumbled 3.5 per cent today to its lowest level since late May 2020.
This article was culled from cityam.com