On Monday, the price of bitcoin slid below $90,000, representing the lowest level in two months for the world’s top cryptocurrency. The drop was driven by concerns that the Federal Reserve might delay interest rate cuts and broader macroeconomic factors like persistent inflation and fears of stagflation.

Bitcoin and the rest of the cryptocurrency market had a rough start to the year as fears rose that the federal reserve might be nearing its last interest rate cut. According to Bloomberg’s report, on Monday,

The price of Bitcoin fell to a two-month low Monday, as markets adjusted to the prospect of tighter monetary policy from the Federal Reserve.

U.S. stock indexes were mixed, with the Nasdaq under pressure again as investors keep trimming forecasts for rate cuts. Chips also dip on export curb.