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Bitcoin briefly drops to its lowest level in 3 months as risk assets continue to get crushed.

Bitcoin fell to its lowest level in three months on Monday as investors dumped risk assets amid expectations of higher interest rates.

The world’s largest cryptocurrency dropped as much as about 5% to hit an intraday low of $18,276, its lowest level since June 19, according to Coin Metrics. It was last down 1.2% at $19,465.00. Bitcoin is down 3.77% this month and on pace for the second straight negative month after plunging 15% in August.

“Regulatory pressure, rising base rates, and inflation are pressing heavily on riskier asset classes, especially crypto, and are thus forcing liquidations, reducing capital available for investment, and increasing concerns over undefined regulatory controls,” said Sadie Raney, co-founder and head of operations at Strix Leviathan. “These forces may mute the overall crypto complex until the financial system stabilizes and a regulatory framework becomes more clear.”

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