Bitcoin fell to its lowest level since July 2021 on Monday as slumping equity markets continued to hurt cryptocurrencies, which are currently trading in line with so-called riskier assets like tech stocks.
Bitcoin dropped to as low as $32,763.16 shortly before 1100 GMT, in its fifth consecutive session of falling.
The cryptocurrency has dropped 13% so far in May and has lost more than half its value since it hit an all-time high of $69,000 in November last year.
Reuter report that the tech heavy Nasdaq fell 1.5% last week, and has lost 22% year to date, hurt by the prospect of persistent inflation forcing the U.S. Federal Reserve to hike rates despite slowing growth. Nasdaq futures were down a further 2.3% on Monday. MKTS-GLOB
COO of Singapore-based crypto platform Stack Funds, Mr Matt Dibb said everything within crypto is still classed as a risk asset, and similar to what we’ve seen with the Nasdaq, most crypto currencies are getting pummelled.
Editing by Marian Benjamin, Omotola Oguneye