The price of cryptocurrencies fell to its lowest level since January on Monday, as slumping equity markets hurt them, which are currently trading in line with riskier assets like tech stocks.
In morning trade, the January low of $32,951 dropped to as low as $33,266, which was below the January low of $32,951. A fall below that level would be its lowest since July of last year.
It then climbed to around $33,500, down 1.4%. At around 4 a.m. According to Coindesk, the price of Bitcoin continued at approximately $33,500, down 3.23%, while the price of Doge coin fell to $2,440, down 4.39% and 12.08 cents, down 3.94%, respectively.
The tech-heavy Nasdaq fell by 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 0.8% in Asia trade on Monday morning.