Bitcoin briefly fell below $30,000 (€28,400), topping the January low of $32,951 (€31,361.77). In July 2021, Bitcoin fell below that level for the first time.
On Monday, Bitcoin hit its lowest level since January, as falling equity markets weighed on cryptocurrencies, which are now trading in line with so-called riskier assets like tech stocks.
Following last week’s massive sell-off in US markets, cryptocurrency values were pummeled over the weekend.
Investors continued to flee risk assets in response to stubbornly strong inflation and aggressive monetary policy tightening by the Federal Reserve on Monday, sending Bitcoin and other cryptocurrencies to new 2022 lows.
Bitcoin prices had fallen more than 7.5 percent in the previous 24 hours as of lunchtime, with BTC trading below $32,000, its lowest level since July 2021. Ethereum prices fell 7.7% to under $2,330, while Litecoin and Bitcoin Cash prices fell more than 12%.
Bitcoin prices are now down 34% year to date and are trading well off their all-time highs around $69,000 in November 2021.
Ether, the second-largest cryptocurrency by market capitalization, has dropped below $2,400, a drop of more than 5% from Friday.