Investing.com - Bitcoin is down more than 7% in the past 24 hours and Ethereum is down more than 8% in the past 24 hours, according to the latest data from CoinDesk, according to CNBC.

Thus, the entire cryptocurrency market lost about $147 billion. Such a serious decline occurred after the correction of the main indices on Wall Street on Thursday. In total for this week, in particular, the high-tech Nasdaq fell by almost 5%, and the S&P 500 has been falling for the third week in a row.

BTC is down over 7% in the last 24 hours to trade at $38,5774 as of 23:19 ET (0419 GMT), while Ethereum, the second largest cryptocurrency by market cap, is down 8% over last 24 hours. As of 23:20 ET (0420 GMT), it was trading at $2,860 after falling to $2,809.51 in the last 24 hours.

Due to the tightening of monetary policy by the US Federal Reserve earlier this week, the yield on 10-year Treasury bonds rose sharply, and the rate hike forced investors to abandon positions in risky assets.

Among the Fed's planned measures are the planned start of reducing its balance sheet, as well as curtailing bond purchases and raising interest rates. Bitcoin, which is considered a hedge against rising prices as a result of government stimulus, risks falling even more if the Fed's tougher policy deprives it of a "tailwind".

According to Oanda senior market analyst Edward Moya, he is even “a little disappointed that bitcoin has not reacted more positively to this reversal in Treasury yields.”

In the face of rising interest rates and inflation, investors disagree on how to assess the future of bitcoin.

Bitcoin prices have plummeted since November, dropping more than 40% from their all-time high of $69,000.

Some experts warn that the cryptocurrency market could soon collapse as increased scrutiny from regulators and strong price fluctuations for these assets have worsened the prospects for bitcoin.

So, China has completely banned all activities related to cryptocurrencies, and the US authorities are also restricting some aspects of this market.

According to the same Moya, bitcoin is in danger of falling below $40,000, since the central bank of Russia (while Russia is still one of the top three countries in bitcoin mining) proposed to ban the use and mining of cryptocurrencies in the country, saying that digital currencies pose a risk for "financial stability and the sovereignty of monetary policy".

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