On Monday, the value of bitcoin occasionally crept below $ 24,000.
The decline follows last week's inflation figures from the US, which were worse than expected and which have caused the world stock markets to fall.
According to Johan Javeus, the stock market turbulence affects how things are for the cryptocurrencies.
- We have seen large stock market falls in the last few days, not least on Friday.
The pattern we have seen over the past year is that cryptocurrencies and stock exchanges tend to move in the same direction - even though the fluctuations in cryptocurrencies are usually larger, says Johan Javeus.
Kryptobank stops withdrawals
Since then, there has also been bad news in the cryptocurrency area.
Kryptobanken Celsius, one of the largest players in so-called crypto loans, announced on Monday that it will stop the possibility for customers to withdraw their money due to "an extreme market situation", writes CNBC.
- It is such news that makes all crypto investors nervous and reinforces the decline we are seeing, says Johan Javeus.
Other cryptocurrencies are also collapsing.
Ether is at its lowest level since February 2021.
- All cryptocurrencies are affected by the stock market turbulence and not least by how things are going for bitcoin.
In terms of value, Bitcoin makes up about half of the cryptocurrency market, so it usually pulls other cryptocurrencies in both ups and downs.
Continued fall is expected
The landslide on Monday does not come completely unexpectedly, but cryptocurrencies have collapsed on a broad front since the turn of the year - and there is a risk of further declines, according to Johan Javeus.
- As long as stock markets and risk appetite continue to be shaky, it is difficult to see how cryptocurrencies will develop well.
At the same time, crashes have occurred many times during the history of bitcoin and this is unfortunately something all investors in cryptocurrencies must be prepared for.