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.