Bitcoin sinks below $19,000, cryptos deteriorate under rate hike risk

Bitcoin sinks below $19,000, cryptos deteriorate under rate hike risk

Bitcoin, the most popular cryptocurrency, has been losing steam for a while now.

As crypto-linked stocks fell in view of US inflation, Bitcoin dropped over 6% last week.

This week, the crypto asset dropped to a three-month low of 5% to $18,387.

Traders said the market is facing a shortage of bullish catalysts now, noting that the Ethereum Merge has happened.

The total market capitalization fell to $858 billion, the lowest since mid-July.

Meanwhile, the US dollar is witnessing a once-in-a-generation rally, creating a major problem for the world.

It is threatening the furthering of a slowdown in global growth and heightened inflation headaches for global central banks.