The massive sell-off in US stocks has driven the cryptocurrency market into a frenzy and Bitcoin is down nearly 10% since the Fed's rate hike was announced on Wednesday.
According to Arab Net, Bitcoin, the world's largest digital currency by market value, fell by 3.6% within 24 hours, to reach $33438.03 as of Monday morning, according to data from the Coin market cap, which is the lowest level. 10 months ago, specifically July of last year, according to what Al-Arabiya.net had seen.
This year, Bitcoin has been trading in a narrow range as it attempts to regain its highs in late 2021.
The cryptocurrency is now down 50% from its peak price of $67,802.30 in November 2021.
The drop comes after the Dow Jones Industrial Average lost more than 1,000 points on Thursday, and the Nasdaq fell 5%.
Those losses marked the worst one-day decline since 2020. The Dow and Nasdaq also fell again on Friday.
On Wednesday, the Federal Reserve raised its benchmark interest rate by half a percentage point in response to inflationary pressures.
The global cryptocurrency market cap reached $1.68 trillion on Sunday, according to data from CoinGecko.com, and the last day's cryptocurrency trading volume reached $119 billion.
