Bitcoin (BTC) continued its sluggish trend and fell by more than 7% on Monday (24th), approaching the $33,000 mark, dragging down the cryptocurrency market.
According to the CoinDesk website, Bitcoin fell to a minimum of $33.046 in a single day, the lowest since July last year, and fell 7.2% before the deadline to temporarily report $33,118.8. Bitcoin has fallen by more than 50% since reaching a new all-time high in November last year.
Other cryptocurrencies have also suffered setbacks. At press time, ether was down more than 11% at $2,212, litecoin was down nearly 9% at $99.9 and dogecoin was down 6.5% at $0.1349.
Bitcoin has come under heavy selling pressure of late, with markets citing a hawkish Federal Reserve stance coupled with a tech selloff as part of the reason for traders pulling out of risky assets.
In addition, escalating tensions between Ukraine and Russia also disrupted market sentiment. The U.S. State Department ordered the evacuation of embassy personnel and family members in Ukraine on Sunday, sparking speculation that the U.S. is preparing for aggressive Russian action.
Due to the continuous decline of cryptocurrencies, blockchain concept stocks generally fell before the market. Marathon Digital (MARA-US) fell nearly 12%, Riot Blockchain (RIOT-US) shares fell 11.3% before the market, Bit Digital (BTBT-US) fell 10.3%, and cryptocurrency exchange Coinbase (COIN-US) also fell nearly 10%.
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