Bitcoin’s price slumped below $40,000 on Monday and other major cryptocurrencies were trading in the red. The global cryptocurrency market has remained in the red.
This comes as investors continue to assess the rising inflation and the possibility of a recession, according to a report on CoinDesk.
The developments in Ukraine after Russia’s invasion have ensured that the global crypto market gyrates in volatility.
BITCOIN PRICE TODAY
The Bitcoin price on Monday was at $38,932, down by 3.45 per cent. The Ethereum price was below $3,000, down by 3.80 per cent.
“Bitcoin and Ethereum fell by nearly 2 per cent each and are trading below US$40,000 and US$3,000 levels over the weekend. BTC support between US$35,000 to US$37,000 could keep the short-term buyers active in the market,” Edul Patel, CEO and Co-founder of Mudrex, said.
CRYPTOCURRENCY PRICE TODAY
XRP price was 5.84 per cent, Terra was down by 6.39 per cent, Solana was down 5 per cent, Cardano price fell by 6.12 per cent, Avalanche price tanked by 6.22 per cent, Stellar price was down by 6.24 per cent, Polkadot was down by 6.89 per cent.
Other alt coins Dogecoin price was down by 6.20 per cent and Shiba Inu fell by 6.90 per cent.
“Most cryptocurrencies are also running in red due to the wide economic uncertainty caused by the war between Russia and Ukraine. On the other hand, Decred (DCR), a leading privacy-focused cryptocurrency, has outperformed the crypto market by gaining nearly 36 per cent in the past 24 hours. This sharp rise could be attributed to the growing demand for privacy tokens,” Patel said.