According to data site CoinMarketCap, the value of the cryptocurrency market fell below $1 trillion on Monday for the first time since January 2021, to as low as $926 billion.

The global cryptocurrency market peaked at $2.9 trillion in November 2021 but has faltered so far this year. It has lost $1 trillion in value in the past two months alone as investors ditch riskier assets in the face of high inflation and fear central bank rate hikes will stunt growth.

The largest cryptocurrency, bitcoin, fell more than 10% on the day to an 18-month low of $23,750. It is down about 50% so far this year. The smaller ether fell more than 15% to $1,210.