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Bitcoin dips below $50k as global crypto market bleeds
The price of Bitcoin plunged below $50,000 on Monday, reaching lows not seen in over six months.
The dip in the value of the digital assets followed a widespread global market sell-off.
Bitcoin dropped as much as 20% to around $49,000 before rebounding slightly to trade above $50,000 again.
The steep decline coincided with crashing stock markets worldwide, fueled by recession fears.
The overall Bitcoin market cap shed nearly $200 billion over the weekend.
READ ALSO:Bitcoin hits new highs
The $50,000 level is seen as an important support area for Bitcoin. The latest Bitcoin crash exemplifies the asset’s volatility and correlation with speculative equities. But Bitcoin has rebounded from previous sell-offs before resuming its long-term uptrend.
The United States exchange-traded funds for Bitcoin suffered their largest outflows in about three months on August 2.
One question is whether the products will attract dip buyers when they resume trading, or witness a deeper efflux.
Similarly, Ether shed over a fifth of its value before paring some of the slide to change hands at $2,342. Most major coins also nursed losses.
By: Babajide Okeowo
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