What Next For Bitcoin? A Sharp Plunge In Price Or Rally?

Rising interest rates have prompted investors to write-off their positions in riskier assets like cryptos.

As equity markets across the globe saw a sharp correction last week, the world's largest crypto Bitcoin moved in tandem and first fell below the crucial $40,000 mark before dipping to $35,000.

The second largest crypto – Ethereum, fell even more sharply. 

Rising interest rates have prompted investors to write-off their positions in riskier assets like cryptos.

Meanwhile, reports surrounding Russian government's plans to ban use and mining of cryptocurrencies added to the already volatile sentiment. Russia ranks as the third-largest region for bitcoin mining in the world.