Bitcoin falls to four-month low of $33,000

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The cryptocurrency market crashed on Monday, with market capitalisation shedding 5.7 percent to reach $1.58 trillion as rout in financial markets deepens amid increasing concerns of recession while slumping equity markets continue to hurt cryptocurrencies.

As of 1130 hours GMT, the largest cryptocurrency Bitcoin’s (BTC) price dipped 5.3 percent to $33,000. With this decrease in price, the market capitalisation of the biggest crypto has reached $628.1b. Bitcoin has shed 14.5pc of its value during the last seven days. This has been the lowest level of Bitcoin since January.

Ether (ETH), world’s second-largest cryptocurrency by market capitalisation, slipped 7.2 pc to $2,389. —TLTP

 

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