The price of the cryptocurrency bitcoin on Monday evening fell to more than half of its price at its November record high, at just $31,075.70, The Wall Street Journal reported, citing CoinDesk prices.

The Monday evening price is a far cry from the record $67,802 that it traded last November; between Sunday evening and Monday alone, the price of bitcoin has dropped 10 percent, according to the outlet.

The last time that bitcoin traded lower than Monday evening was when it was trading at $29,839.80 last July, CNBC noted, using figures from Coin Metrics.

The developments come as, for the first time in over two decades, interest rates were raised by 0.5 percent last Wednesday. 

The Federal Reserve took the measure amid anticipated higher inflation, which has already hit a 40-year high amid supply chain issues and an ongoing international conflict threatening to disrupt chains even further. 

During the summer, there could be additional interest rates hikes, according to Federal Reserve Chairman Jerome Powell, the Journal noted. 

But following the move, the S&P 500 had its second-worst day of 2022 on Thursday, falling 3.6 percent while the worst single-day losses since 2020 were experienced by the Nasdaq composite after it dropped 5 percent before trading started that day and the Dow Jones Industrial Average, which fell 3.1 percent at closing.

Since Thursday’s stock market woes, cryptocurrencies trading has trended downward, CNBC noted.

Tags bitcoin Bitcoin cryptocurrency Cryptocurrency

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