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Bitcoin, the world’s largest cryptocurrency by market capitalization, has shed more than 10% of its value in one day, amid a global stock market crash that has affected the cryptocurrency market, according to trading data.
The price of Bitcoin has fallen below $50,000 for the first time since February, hitting a low of $48,126 at 08:41 GMT on Monday. It has recovered slightly since then.
In late July, Bitcoin traded at above $62,000, and in March, it briefly touched an all-time high of $70,136.
Since Friday, the cryptocurrency market has recorded its most significant sell-off in three days in almost a year, Cointelegraph said.
The panic selling in Bitcoin and the overall crypto market was sparked by a wider crash in the financial markets, amid fears that the US could be heading for a recession. Stock markets went into a meltdown on Monday morning.
Apart from the global stock market rout, the uncertainty regarding the fiscal policy of the US Federal Reserve, Bitcoin’s low liquidity, and soaring tensions in the Middle East have contributed to the slide, industry experts say.