A slide in cryptocurrencies Monday sent Bitcoin to a three-month low as sentiment took a knock from a wave of monetary tightening that’s set to stretch from Europe to the US this week.
The largest digital token sank as much as 7.4% to $18,273 before paring losses. That’s the lowest since digital-asset prices tumbled after the collapse of crypto lender Celsius in June. Ether shed up to 6.6%, struggling to hold the $1,300 mark. Coins like XRP and Polkadot posted heavier losses.
Investors are bracing for volatility from the jumbo Federal Reserve interest-rate hike expected Wednesday to fight price pressures.