Cryptocurrency fell as global investors fled the tide of high-risk investment, and bitcoin fell sharply to the level in July 2021. The world's largest digital currency fell as much as 5.1% on Monday to about $32630 at 10:47 New York time. Ethereum fell 7%, Solana fell 7.3% and avalanche fell 9.4%.
Michael Novogratz, head of Galaxy digital Holdings Ltd. and cryptocurrency billionaire investor, warned that he expected the situation to get worse before it improved.
"Before we reach a new balance, cryptocurrency trading may be related to NASDAQ," Novogratz said at the galaxy's first quarter earnings conference call on Monday. "My intuition is that there will be more harm. At least in the next few quarters, it will be an unusually bumpy, volatile and difficult market, and then people will feel that we are in balance."
Data showed that the cryptocurrency market generally fell on Monday, with Cardano down 8.4% and Polkadot down 6.7%.
Bitcoin's recent decline makes it possible to firmly break away from the trading range in 2022 and completely reverse the bull market that pushed bitcoin to a high of nearly $69000 last November.