Bitcoin has lost more than half its value since 2021 peak

Bitcoin is seeing its value rapidly erode amid a global stock market downturn.

The popular cryptocurrency’s value dropped below $40,000 on Monday afternoon, its lowest point since July 2021.

Bitcoin has lost more than half its value from the highs the digital currency enjoyed in November 2021. It’s faced a 29 per cent tumble since April’s start and dropped a further 10.8 per cent Monday, according to Coinbase.

The crypto market has not been safe from a global selloff that has seen the stock market post declines for five consecutive weeks.

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

Sign up for weekly money newsletter Sign Up

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

Expectations of rising interest rates have been hitting high-growth stocks in particular.

Much of that is because many of them are seen as the most expensive following years of leading the market. Many tech-oriented stocks have been among the market’s biggest losers this year, including Netflix, Nvidia and Facebook’s parent company Meta Platforms.

— with files from Associated Press

2:08 Digital tracks: Following the trucker convoy’s cryptocurrency trail