Bitcoin slumps to lowest level since July 2021

STORY: Bitcoin fell to its lowest level since July 2021 on Monday (May 9) - down to $32,763 in morning trade.

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.

Ether, the world's second largest cryptocurrency, also fell as low as $2,421 on Monday - its lowest level since late February.

Slumping equity markets are continuing to hurt cryptocurrencies.

They are currently trading in line with so-called riskier assets like tech stocks.

The tech-heavy Nasdaq fell 1.5% last week, and has lost 22% year to date.

The prospect of persistent inflation is forcing the U.S. Federal Reserve to hike rates despite slowing growth.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting