The price of bitcoin fell to its lowest in more than nine months on May 9, 2022, weighed down by investor risk aversion and carried other cryptocurrencies in its wake. AFPPIX: Bitcoin slumped below $30,000 for the first time since July 2021 on Tuesday as cryptocurrencies track sinking markets with investors spooked by aggressive US monetary tightening and surging inflation.
Bitcoin's value has more than halved since a November surge that saw the token hit a record of nearly $69,000. They have been offloading bitcoin and other digital tokens along with other volatile assets like tech stocks as the US Federal Reserve moves to hike interest rates to tackle decades-high inflation.
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