On Monday, Bitcoin, the world’s largest cryptocurrency, fell to its lowest level since July 2021. Bitcoin fell to a low of $30,331.28 for a fifth consecutive session. Bitcoin last traded 9.8% at $30,724.

Since hitting an all-time high of $69,000 in November 2021, the cryptocurrency has continued to decline and depreciate. In May, Bitcoin shed 19% of its value.

The decline comes from tightening monetary policy to combat inflation, which limits liquidity and discourages investors from speculative investments.

Bitcoin’s decline risks the crypto falling out of the range where it has been trading in 2022, reversing the recent bull run that pushed the token to a record close to $69,000 in November.

For Michael Novogratz, the billionaire cryptocurrency investor who runs Galaxy Digital Holdings, the situation for the cryptocurrency will get worse before it gets better.

“Crypto probably trades correlated to the Nasdaq until we hit a new equilibrium. My instinct is there’s some more damage to be done, and that will trade in a very happy, volatile and difficult market for at least the next few quarters before people are getting some sense that we’re at an equilibrium,” Novogratz said on Galaxy’s Q1 earnings call on Monday.