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Cryptocurrency

18 Apr 2022

Bitcoin Plunges to Monthly Low amid Falling Risk Appetite

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.