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Bitcoin drops below the $40,000 mark, and other cryptos also fall in value.

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Data from CoinDesk said Tuesday was a bad day for Bitcoin. The price fell almost 5% to $40,000, and the global cryptocurrency market was in the red.

Fears about inflation and recession still hurt Bitcoin, Ethereum, and other major cryptocurrencies.

Bitcoin was trading at $39,961. It was down 5.36 percent from the previous day’s value. There has been a significant drop in the price of Ethereum. It’s now at $3,000.

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They all lost more than 5%. XRP, Solana, Terra, Cardano, Avalanche, and Polkadot lost more than 5%.

Dogecoin and Shiba Inu, two of the most popular altcoins, have lost almost 6% of their value.

BitMEX co-founder Arthur Hayes says that by June, Bitcoin, the most valuable cryptocurrency by market cap, could fall to $30,000, which would be a significant drop.

A blog post said that the same thing could drive Ether to $2,500. “The Nasdaq 100 has a lot to do with Bitcoin and Ether. It will go down with the NDX if it does, “he said.

Cryptocurrency prices have dropped because people are worried about stricter monetary policy. Last week’s Bitcoin 2022 conference in Miami didn’t stop the market from going down.

It doesn’t seem very surprising that the price of bitcoin fell after a lousy week for the stock market in the United States. Bitcoin moves in the same direction as other assets, like US tech stocks. Its connection to the Nasdaq 100 Index has brought it back to new highs.