Bitcoin temporarily falls to its lowest point in 3 months.
By The Exchange Team
On Monday, bitcoin plummeted to its lowest level in three months as investors fled risk assets in anticipation of higher interest rates.
According to Coin Metrics, the world's largest cryptocurrency slid as much as 5% to hit intraday low of $18,276.
Last saw $19,465.00, down 1.2%. Bitcoin is down 3.77% this month after falling 15% in August.
Regulatory pressure, rising base rates, and inflation are pressuring riskier asset classes, including crypto, said Strix Leviathan's Sadie Raney.
"These dynamics may muffle crypto until the financial sector stabilises and a regulatory framework is clearer," He added
Ether plummeted 5% to $1,281, its lowest level since July 15. It dropped 1.6% to $19,465.00. This month it's down -13.8%, on track for its lowest since June.
The Federal Reserve is projected to keep to its aggressive tightening plan, putting pressure on risk assets.