While tech stocks are having another dire day, with the Nasdaq Composite index currently down 3 per cent, it’s a double whammy if you’ve also been investing in cryptocurrencies (and bad news for all those crypto beach bums in Bali when they wake up).

Bitcoin fell as much as 5 per cent to around $32,630 on Monday and is now 50 per cent below its peak reached in November last year. The top 500 digital assets have also tumbled 50 per cent in that time. Cryptocurrencies have shed $1.6tn in market value since then, reports Scott Chipolina, with interest rate rises sending investors fleeing from the riskiest corners of global financial markets.

“This is a risk off across all asset classes, including crypto,” said Daniel Ives, strategist at Wedbush Securities, who added that there is “nowhere to hide”.