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Bitcoin dropped below the $17,000 level, while Ethereum traded below the $1,250 mark. Adding to the consumer woes, the volume of money in the crypto market is still small, indicating little money for digital assets.

Apart from US dollar-pegged stablecoins, other major crypto tokens traded lower on Monday. Dogecoin fell around 9%, while XRP, Solana, Shiba Inu, Polkadot and Polygon fell 4% each.

The global cryptocurrency market cap is about $840 billion, down 2% in the last 24 hours. Total business volume increased by more than 23% to $29.23 billion.

Global updates

The Lightning Network, Bitcoin Layer 2 scaling platform, has a privacy issue. Receiving payments, requesting refunds, and opening and closing payment channels all raise privacy concerns for payment network users.

The Uniswap Foundation is putting to the vote a system of governance changes that it says will enable voting in an independent company that oversees Uniswap, one of the most popular places for crypto trading.

Greyscale Investments, the manager of the largest bitcoin exchange listed in the world, said that the new decentralized currency (DeFi) has started trading in the retail market.

Crypto.com released evidence of a database from the research firm Mazars Group that shows its clients assets are supported individually.

Bitcoin is still in the range zone with high support levels of $16,000, $15,000 and $12,600. Any break above $18,000 could push the price to $19,000. In general, it is still in the trading zone between its support zone and its stop zone of $15,000 and $18,000, the expert said.