Under the threat of an interest rate hike by the US Federal Reserve, bitcoin fell to its lowest monthly level, along with the stock market.

As a result, hundreds of millions of dollars were liquidated through the crypto market after the recorded decline in the price of Bitcoin.

Last week, bitcoin fell below $45,000 despite its rally in late March.

This came after hawkish comments from Federal Reserve Governor Lyle Brainard, who said the task of reducing inflation pressures has become of paramount importance.

Stocks and bonds also fell after the comments, with which Bitcoin has been closely associated in recent months.

The downtrend continued on Monday, with Bitcoin dropping below $40,000 for the first time since March 16.

Read:Dark Web Store More Than $30 Million Disappeared From Users’ Bitcoin

Bitcoin price was $39,773 after which it fell to $39,570, according to Bitstamp, and then bounced higher to currently trade (at time of publication) above the $40K level.

This did not leave the bullish traders in good shape.

According to Coinglass, more than $439 million was cleared through the crypto market within 24 hours.

That includes 141,000 deals, one of which was valued at $10 million.

Across the general cryptocurrency market, about $152 million worth of liquidations occurred among bitcoin traders, versus $103 million among ethereum traders.

As usual, altcoins have fallen dramatically as well.

Ethereum barely maintains the $3000 level, while Solana’s price has dropped to $104.

Read:The price of the Binance coin (BNB) fell by more than 10 percent for this reason…

The liquidation event comes after losses from last week which also exceeded $400 million.

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