For the first time since U.S. Independence Day, Bitcoin has fallen below $19,000. 

The biggest cryptocurrency by market cap was trading for $18,841 at the time of writing, according to CoinMarketCap

The last time the asset dipped below $19,000 was on July 4, when it hit $18,600. Prior to that, Bitcoin hit $18,900 in November 2020 as part of its run-up to its all-time highs over $60,000 the following year.

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Investors appear to be shedding Bitcoin for a number of reasons. As usual, the asset’s sell-off is closely correlated with the U.S. stock market: stocks were down today following a volatile trading session—partly due to fears that the Federal Reserve will continue to hike interest rates. 

The Fed’s monetary policy of keeping interest rates high to combat four-decade high inflation has led investors to sell riskier assets—like stocks and Bitcoin. 

Bitcoin’s sell-off has intensified following news last week that Russia shut down the Nord Stream 1 pipeline, halting gas to Europe and spooking markets, according to experts. Of course, Bitcoin fans remain undeterred.

Russia’s government said Monday that it would restore gas supplies if sanctions were lifted. 

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Out of the top ten biggest cryptocurrencies, Bitcoin is one of the worst performers today. Its nearly 5% 24-hour loss has only been surpassed by Polkadot and Cardano, which are down 5.7% and 6.1% respectively in the same time frame. 

Ethereum, the second biggest cryptocurrency by market cap, is only down 1.79% in the past 24 hours, priced at $1,568. 

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