The world’s largest cryptocurrency by market capitalization, Bitcoin, fell to a fresh three-month lows on Monday as investors are turning away from risk assets, especially cryptocurrencies, amid rising interest rates coming from the central bank.
The price of Bitcoin fell more than 6% to $18,387 on September 19, 2022, while Ether, the second largest cryptocurrency also fell 3% to a two-month low at $1,285.
Cryptocurrencies are falling or trading at their lower levels as investors are speculating for more Fed’s rate hike this year with an upcoming 75 basis points hike this Wednesday.
Goldman Sachs raised its Fed funds rate forecast by 75 basis points over the last two weeks for a terminal rate estimation of 4% to 4.25% by the end of this year.
