The crypto winter hammered cryptocurrencies on Monday as the price of a single Bitcoin fell sharply to around $25,600, an 18-month low.
The world's largest cryptocurrency further tanked 7 per cent over fears of risk-off sentiment due to a sharp rise in inflation globally, especially the US.
Bitcoin (BTC) had reached an all-time high of over $68,000 in November 2021, and has fallen more than 60 per cent since then.
According to analysts, Bitcoin may hit a grim $14,000 this year at this rate. The likely bottom range at $14,000 would represent a drop of around 80 per cent for Bitcoin from the $68,000 all-time high.
Peer currency falls too
Ether (ETH), the second largest cryptocurrency, also fell considerably.
Ethereum prices were hammered over the weekend, sending the world's second-largest digital asset back below its 2018 peak.
On-chain analytics provider Glassnode reported that the Ethereum market has fallen below the 'ETH Realized Price' of $1,781.
On Monday, the cryptocurrency plunged to $1,355, resulting in unrealised losses of more than 40 per cent.