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Crypto: Bitcoin drops to lowest level in a week, as the Dow heads for first correction since 2020

Bitcoin fell to its lowest level in more than a week Monday, as investors ponder the implication of a possible U.S. ban on oil imports out of Russia.

The cryptocurrency

was trading at around $37,402, down 3.5% over the past 24 hours, according to CoinDesk data. Ether

logged a 5.7% loss over the past 24 hours, trading at around $2,462.

U.S. stocks trade lower Monday afternoon. The Dow Jones Industrial Average

fell about 742 points, or 2%, to 32,871. If the index closes below 33,119.69, it will finish in correction territory for the first time since 2020. The S&P 500

 dropped 2.8%, while the Nasdaq Composite Index

declined 3.3%.

Read: Crypto market needs 2-3 months to stabilize before ‘a more sustainable recovery’, analyst says, as bitcoin falls below $40,000

The Biden administration is reportedly willing to ban Russian oil imports without participation of its European allies, Reuters reported citing people familiar with the matter. White House press secretary Jen Psaki on Monday said President Joe Biden hasn’t made a decision on banning Russian oil. Psaki, in a regular briefing with reporters, said discussions about a potential ban are happening within the U.S. government as well as with other nations

Read more: Warren Buffett says never to hold money during a war. Here’s a stagflation playbook for stocks.

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