FX.co ★ Bitcoin falls below $38,000 continuing last week's downtrend

On Monday, bitcoin fell below $38,000. Over the past 24 hours, the value of the first cryptocurrency has fallen by 0.3%. At the time of writing, BTC is trading at $37,500

Leading altcoins quickly followed the trend of the main digital asset and began to decline considerably. Thus, during Monday's trading session, Ethereum fell to $2605 from $2614, and only two of the top 10 cryptocurrencies by capitalization were in black: Solana gained 0.4%, and Terra added 1.5%.

Economists call the worsening of the geopolitical situation in Eastern Europe the main reason for the decline in the cryptocurrency market. On Monday, the news has negatively affected the leading indicators of the world stock markets. At the time of writing, the key MOEX Russia and RTS indices had already lost more than 6%.

At the end of the previous week, BTC fell below $40,000 amid the geopolitical tensions between Ukraine and Russia and news about a possible excessive tightening of monetary policy by the US Federal Reserve.

As it usually happens, the flagship cryptocurrency dropped and pulled the altcoin market down. Thus, at the end of last week, all digital assets from the top 10 in terms of market capitalization closed in the red. At the same time, MobileCoin token showed the maximum decrease during the week, depreciating by 44%.

According to statistics from CoinGecko, which monitors prices for virtual assets, the aggregate capitalization of the crypto market was estimated at $1.83 trillion, while the BTC dominance index plummeted to 39.88%.