Bitcoin fell towards levels last seen in July 2021 amid anticipated lower appetite for risky assets among investors.
The coin dipped as much as 2.7% on Monday trading around $33,000 while Ether dipped as much as 4.6%.
Aggressive monetary tightening and slow in global economic growth investors are increasing paring risk assets. Stable coins such as TerraUSD and UDT which maintains one-to-one peg with dollar dipped below $1 over the weekend before quickly recovering.
Rising interest rates are giving individual and institutional investors pause for thought about the crypto market outlook, according to Edul Patel, chief executive officer of Mudrex, an algorithm-based crypto investment platform as reported by Bloomberg.
“The downward trend is likely to continue for the next few days,” he said, adding Bitcoin could test the $30,000 level.
