On Monday, cryptocurrencies dropped to fresh lows on regulatory concerns and as investors worldwide turned hesitant on risky assets with interest rate rises around the world.

Bitcoin, the biggest cryptocurrency by market value, declined about 5 per cent to a three-month low of USD 18,387. Ether, the second largest cryptocurrency, fell 3% to a two-month low of USD 1,285. It is down more than 10 per cent in the last 24 hours.

The Ethereum blockchain had a major upgrade over the weekend. It changed the way transactions are processed and cut energy use. The token’s value has dropped amid some speculation. Singapore crypto platform Stack Funds’ COO Matthew Dibb has said that much of the hype has come out of the markets since the Merge (the said upgrade). He further said that it’s really been a sell-the-news type of event. Given the nervous global backdrop, ether could test USD 950 in the coming months.

He added that it’s not looking great considering the landscape right now, both fundamentally and technically. There’s no immediate bullish catalyst that’s going to prop up these markets and bring in a whole lot of new money and liquidity.