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.
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