Bitcoin sank to below $22,000 on 19 August, following global stocks lower amid uncertainty over how aggressive the Federal Reserve would be in its effort to cool inflation with interest rate hikes.

Bitcoin, the world’s largest cryptocurrency, has declined 8.7% to $21,443 over the past 24 hours, according to CoinDesk. The selloff came after bitcoin briefly crossed $25,000 over the weekend for the first time since mid-June.