The pair fell to a low of 38,677 on Monday, which was the lowest level since March 15th. It has fallen by over 15% from its highest level this month.The BTC/USD pair has declined as investors move to the safety of the US dollar.
Bitcoin’s downward trend is also because of the ongoing rising bond yields as investors expect that the Federal Reserve will be more hawkish. Minutes published last week revealed that most officials were expecting that the bank will deliver several 0.50% rate hikes this year. They also expect that the bank will start a quantitative tightening policy.
Another reason why the BTC/USD pair has declined is that Bitcoin demand has dried in the past few days.
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