Bitcoin price falls again to 40K: Will it plunge even more for this week?

Tit’s a price Bitcoin It fell on Monday as investors weighed the risks of higher interest rates and the potential for more feed it tighten.

to me Currency ScalesBitcoin has fallen 7% to $40.009.78. I fell for $39785.68 Earlier today, the key was hacked 40 thousand dollars Support level for the first time since March 16.

The decline follows a three-year high 2.78 percent to the 10-year Treasury yield on Monday. When returns are high, riskier assets tend to fall. The Nasdaq Composite, which has a significant weight in technology, fell more than 1% on Monday. Although bitcoin should be traded independently of the stock market, there has been a strong correlation between the two in recent months.

Expectations that US Federal Reserve It will tighten its monetary policy to combat inflation and continue to place a heavy burden on Bitcoin and traditional markets, and on Tuesday CPI The release seems to weigh on her. Markets are deteriorating due to the ongoing conflict in Ukraine and the increasing shutdowns of China.

Impact on other cryptocurrencies

Market reaction to Terraform factor Buying bitcoin in bulk for its stablecoin reserves is “largely over,” according to the company, which currently owns about 40,000 Bitcoin after purchase 175 million dollars Worth over the weekend. Bitcoin crossed the $48,000 mark two weeks ago, turning positive for the year, as supporters of Terra stablecoin ramped up their bitcoin purchases.

Icons It was also lower across the cryptocurrency market. to me Coin Metrics, Ether It’s down about 9% with other platform networks. ALGOAlgorand stock, is down more than 9%. Sol And ADAShares of Solana and Cardano fell 11%.