The price of Bitcoin (BTC) has fallen to its lowest level in six weeks as macro-economic uncertainties cause investors to reconsider their appetite for risk.
Bitcoin’s price is now at $38,450 U.S., its lowest level since March 15 and down 3.5% in the past 24-hours, according to data from CoinDesk.
Global equity markets are in the red to start the week and commodities are also facing heavy losses. Gold, a traditional safe haven asset and inflation hedge is down nearly 1% to $1,917 U.S. per ounce.
The U.S. dollar is the only currency to climb, proving its dominance as the safe haven asset. The dollar index, which tracks the greenback's value against major currencies, topped 101 for the first time since March 2020.
Sentiment towards cryptocurrencies has turned extremely bearish, with rising concerns that a breakdown on Bitcoin's technical chart could open the door for the price of Bitcoin to fall to $20,000 U.S. or lower.
Last Friday (April 22), the price of Bitcoin fell below $40,000 as the technology laden Nasdaq index fell more than 2% on fears of impending interest rate hikes.
