Bitcoin has also tumbled to its lowest level in six months amid fears of a Russian attack on Ukraine.
The largest cryptocurrency was last down 5.4 percent at $34,310 after earlier dropping to $32,951, its lowest price since July 23, taking losses from its all-time high of $69,000 hit in November past 50 percent.
More than $400 million in crypto assets has been liquidated in the past 24 hours, according to data from Coinglass, with Bitcoin trades accounting for $141 million of that total.
Mark Elenowitz, president of Horizon, a firm that services securities exchanges said: “Bitcoin will face headwinds going back up until the macroeconomic conditions change.
“Generally speaking, when rates are hiked, we could see more sell-offs of seemingly risk-on assets like bitcoin.”