Bitcoin drops to below $42K as tech stock, cryptocurrency correlation increases

Bitcoin (BTC-USD) weakens to under $42K, its lowest level since March 21, as investors become more risk averse, eschewing tech stocks and cryptocurrencies alike. The decline continues as the U.S. dollar remains strong. The U.S. Dollar Index (DXY) recently was 99.79 and rose to over 100 earlier on Monday. Over the weekend, the co-founder of a crypto trading platform warned that bitcoin (BTC-USD) and ether (ETH-USD) are likely to fall furhter, citing the world's biggest cryptocurrency's recent correlation with technology stocks. "The DXY strength is part of it, but overall, it's more market uncertainty, macro concern, and a focus on what rates will do," Noelle Acheson, head of marketing insights at Genesis Global, told CoinDesk. In recent trading on Monday, bitcoin (BTC-USD) fell 3.1% over the past 24 hours to ~$41.3K and ethereum (ETH-USD) slid 5.6% to ~$3.07K. Arther Hayes, co-founder of BitMEX, pointed out in an April 10 blog