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Bitcoin has lost more than half its value since 2021 peak

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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.

Read more: Canadians less likely to use, invest in cryptocurrency than Americans, poll suggests

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

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

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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

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