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

The cryptocurrency market crashed on Monday, with market capitalisation shedding 5.7 percent to reach $1.58 trillion as the 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 $628.1 billion. Bitcoin has shed 14.5 percent of its value during the last seven days. This has been the lowest level of Bitcoin since January. Ether (ETH), the world’s second-largest cryptocurrency by market capitalisation, slipped 7.2 percent to $2,389. With this decrease in price, the market capitalisation of ETH has reached $288.5 billion. ETH has been 15.7 percent down in the past seven days. Similarly, XRP price went down by 7.4 percent to reach $0.535. The market capitalisation of XRP stands at $25.9 billion with this decrease. XRP has shed 12.2 percent of its value during the last seven days. On the other hand, Cardano (ADA) price slipped by 12 percent to reach $0.661. Its market capitalisation has reached $22.4 billion with this decrease. ADA has shed 16.4 percent of its value in the past seven days. Similarly, Dogecoin (DOGE) price shed 8.2 percent to $0.116. With this decrease in price, the market capitalisation of DOGE has reached $15.4 billion. DOGE has shed 12.7 percent during the last seven days. On the other hand, Avalanche (AVAX) price dipped 11 percent to $48.55. With this decrease in price, the market capitalisation of AVAX has reached $13 billion. AVAX has shed 17.9 percent of its value during the last seven days. Meanwhile, leading US crypto exchange Coinbase has reportedly notified certain Russian customers that their accounts may be blocked at the end of this month. According to Russian media, the trading platform has offered them to withdraw their funds unless they prove they are not under sanctions.