Bitcoin, the world’s largest cryptocurrency by market capitalization, has plummeted over 10% in a single day, pressured by a global stock market downturn that has reverberated through the cryptocurrency sector, according to trading data.
Dropping below $50,000 for the first time since February, Bitcoin reached a low of $48,126 at 08:41 GMT on Monday, though it has since seen a modest recovery.
Just in late July, Bitcoin was trading above $62,000, and in March, it briefly reached an all-time high of $70,136.
Cointelegraph reported that since Friday, the cryptocurrency market has endured its most significant three-day sell-off in nearly a year, indicative of a panicked response among investors.
The sell-off in Bitcoin and the broader crypto market was triggered by heightened concerns over a potential US recession, which caused a dramatic sell-off in stock markets on Monday morning.
Industry experts note that in addition to the global stock market instability, factors such as uncertainties surrounding the US Federal Reserve's fiscal policies, Bitcoin’s low liquidity, and escalating tensions in the Middle East have also contributed to the decline.
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