Bitcoin drops below $1 trillion once more, reaching its lowest level since June.

On Wednesday morning, the price of bitcoin fell below $19,000, reaching its lowest level since June as a result of a decline in stock markets around the world and the continued strength of the US dollar. Due to a sell-off in all digital coins, the market value for all cryptocurrencies also decreased below $1 trillion.

According to CoinDesk, the price of bitcoin was around $18,746.50 at 7:46 a.m. ET, down more than 5%. Ether, which has recently outperformed bitcoin in terms of growth, was down over 9% at $1,513.64.

With tighter monetary policy, central banks around the world are battling rogue inflation. The American Federal Reserve has raised interest rates a total of 2.25 percentage points in a series of moves. The markets anticipate continued interest rate increases.

The Fed's tightening of monetary policy has made the dollar stronger, which has hurt risky assets. The yield on the 10-year US Treasury has also increased.

As of now, Bitcoin has traded in inverse relation to stocks, meaning that if they decline, the cryptocurrency typically does too.

The dollar's continued ascent to high levels makes the macroeconomic environment challenging. As far as we can tell, this has an impact on all risk assets, Vijay Ayyar, vice president of corporate development and international at cryptocurrency exchange Luno, told CNBC.

"Risk assets like bitcoin should be able to move back up again if we see the dollar start to move down again."
Since its peak in November, nearly $2 trillion of the value of the cryptocurrency market has been lost. Bitcoin has fallen by about 60% from its November record high of $68,990.90.

A challenging environment for risk assets as well as problems unique to the cryptocurrency sector, such as failed projects and widespread bankruptcies, have contributed to the sell-off.