Bitcoin and Ethereum prices plummeted to their lowest levels in months on Monday.
Investors are switching from high-risk assets, such as cryptocurrencies and shares, and diverting to safer alternatives due to fears of a US economic recession. The two best-known and most traded cryptocurrencies in the world are also affected by this shift.
Bitcoin, the reigning cryptocurrency, suffered a dip of over 9% on Monday morning, stabilising around the $53,800 mark. This threshold has not been seen since late February. This downward trend has also impacted other cryptocurrencies.
Ethereum, the second most capitalised cryptocurrency, tumbled nearly 15%, reaching its lowest level since mid-January. Altcoins (cryptocurrencies other than Bitcoin) such as XRP and Litecoin were also hit by this downtrend, registering losses of about 11%.
