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Cryptocurrency

18 Apr 2022

Bitcoin Plunges to Monthly Low amid Falling Risk Appetite

The Index Today

The world’s largest cryptocurrency plummeted to its lowest level in over a month spurred by mounting investor risk aversion compounded by the Ukraine-Russia crisis.

According to Bloomberg, Bitcoin dropped by up to 4.2% to $38,580 on Monday. Ether, which is the second largest cryptocurrency in the world, also plunged by 4.7%, falling to a low of $2,902. As per CoinGecko, the world crypto sector’s value fell by 4% to $1.9 trillion within 24 hours.

This comes amid Bitcoin’s recent struggles which has seen it mostly trading between the $35,000 to $45,000 range, in the midst of soaring inflation and the resulting hawkish stance of the U.S. Federal Reserve.

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