The cryptocurrency “Bitcoin” reached its lowest level since July 2021 on Monday, falling in tandem with US stock markets.
Bitcoin’s decline stems from fears about the Federal Reserve’s (the US central bank) aggressive approach to monetary policy tightening.
The leading cryptocurrency plummeted to $30,331.28, continuing its decline for the sixth consecutive day.
Bitcoin was traded in the most recent trading session, plunging 9.8 percent to $30,724, according to Reuters.
Bitcoin’s value has decreased by 19 percent since the beginning of May and by more than 50 percent since its all-time high of $69,000 in November of last year.
Ether, the second-largest cryptocurrency in the world, plummeted to $2,245, its lowest level since January.