Bitcoin extended this month’s losses in Monday trade as investors shied away from risk assets amid a more hawkish outlook for Federal Reserve policy tightening.

The largest cryptocurrency slid as much as 3.3% to $38,223, the lowest since March 15, and down more than 20% from last month’s high. It was little changed after paring the earlier loss. The second-biggest coin, Ether, slumped as much as 4.8% to $2,799, a level not seen since March 18.