World’s biggest crypto by market cap plunges to lowest level since July 2021
The price of Bitcoin dove below $33,000 on Monday, marking its lowest in almost 10 months, as the major selloff in global markets has continued to affect cryptocurrencies negatively.
Bitcoin saw its price sinking to $32,650 at 1058GMT, according to data on Binance, the world’s largest cryptocurrency market by trade volume.
This marked the lowest level for Bitcoin since July 23, 2021 when it fell to as low as $32,040.
Bitcoin, the world’s biggest crypto by market cap,had lost more than half of its value last year, sinking to $29,303 on July 20.
The current market selloff came after the US Federal Reserve announced a 50-basis-point rate hike last week and signaled more for coming meetings.
The Fed’s hawkish stance and aggressive monetary tightening have since led to pessimism among investors and a panic selling environment in global markets.
US stock market futures were down on Monday, pointing to possibly another losing session, with the S&P 500 and the Nasdaq futures down more than 2% apiece at 1120GMT.