Today, some Asian markets witnessed a decline in stock markets, such as Japan benchmark Nikkei Index was down by 2.5%
Last week, the Central Banks of US, UK and Australia raised their interest rates to combat rising inflation.
Investors have concerns that the rising inflation and higher cost of borrowing could have a major impact on the global economic growth. To add on is the current worrying war in Ukraine.
In times of uncertainty traditional investors often divest from riskier assets into safe investments.
Bitcoin accounts for about a third of the cryptocurrency market with a total value of close to $640bn.
Ethereum, the second biggest cryptocurrency in the world, has also fallen in value, down by more than 10% in the last week.
Will Cryptocurrencies continue to decline?