Bitcoin plummeted amid a global market sell-off, which has heavily impacted the technology sector.
The world’s largest cryptocurrency dropped by 11.6% to $51,410, following a 13.1% decline last week.
This marks its steepest fall since the “crypto winter” following the collapse of the FTX exchange in 2022.
Ether also saw a significant decline, losing over 20% of its value before recovering slightly to trade at $2,360. Most major cryptocurrencies were significantly down.
Khushboo Khullar, a venture partner at Lightning Ventures, noted that the widespread stock slump triggered some “panic,” leading investors to liquidate assets to meet margin calls.
Despite the recent downturn, Bitcoin remains about 23% higher this year, compared to a 19% increase in gold and an 8% rise in global stocks.
