Bitcoin fell more than 5% below $40,000

From a peak above $48,000 in late March, bitcoin and other tokens have fallen due to fears of tighter monetary policy. Even last week's Bitcoin 2022 conference in Miami wasn't enough to reverse the trend.

Teong Hng, executive director of Hong Kong-based Satori Research, believes that it is forecasts of a 0.5% Fed rate hike at the next meeting that are negatively affecting cryptocurrencies.