RIYADH: The world's largest digital currency, Bitcoin, fell to its lowest level since July 2021, as slumping equity markets continued to hurt cryptocurrencies.
Bitcoin fell 3.7 percent in early Monday trading to $33,531, data compiled by Bloomberg shows.
The decline in Bitcoin follows a broad retreat in crypto assets amid a global flight from risky investments.
The price of ether, the second-largest currency, fell by as much as 4.6 percent.
During the same period, the Nikkei gauge fell by 2.5 percent and the Stoxx Europe 600 Index sank by 1.2 percent.
A sell-off gripped the entire cryptocurrency universe on Monday, with Cardano down 8.4 percent and Polkadot down 6.7 percent.
Markets across the globe are becoming more cautious, as monetary policy is tightened to combat inflation and ebbing liquidity.
Rising interest rates are giving individual and institutional investors pause for thought about the crypto market outlook, according to Edul Patel, CEO of Mudrex, an algorithm-based crypto investment platform.
“The downward trend is likely to continue for the next few days,” he said, adding that Bitcoin could test the $30,000 level.
