Bitcoin and Ether Tumble as Cryptocurrencies Sell Off Amid Global Market Rout

The price of bitcoin sank more than 13% on Monday to $50,963.57, according to Coin Metrics. At one point, it fell to $49,111.10 — its lowest level and first time under $50,000 since February.

Cryptocurrencies fell sharply on Monday as fears of a global recession sparked a sell-off in stock markets worldwide.

Bitcoin dropped more than 13% to $50,963.57, according to Coin Metrics. Earlier in the session the world’s largest cryptocurrency fell as low as $49,111.10 — its weakest level and first time below $50,000 since Feb. 14.

Bitcoin has now lost nearly 18% since Saturday. A week ago, on July 20, it climbed to a record high of $69,982.

“Thirty percent slumps, as scary as they are, are par for the course during bull markets and it’s encouraging bitcoin bounced back above $50,000,” said Nexo co-founder Antoni Trenchev. “But make no mistake, we are in a choppy, volatile market environment … the moment to turn bullish will be when bitcoin retakes its 200-day moving average, which typically tells us if we are in a bull or bear market, at $61,500.”

Ether fell even more sharply, dropping 17% to $2,271.21. The crypto asset’s losses over the last three days now stand at 24%, wiping out its 2024 gain.

Crypto stocks were also among the worst performers in premarket trading. Coinbase fell 13%, while MicroStrategy slid nearly 17%. Mining stocks also suffered double digit losses.

The moves follow a broader market sell-off that began last week, when weaker-than-anticipated July jobs data renewed investor fears of a recession. The tech-heavy Nasdaq Composite entered a correction, while Japan stocks slid into a bear market Monday after plunging more than 12% overnight — its worst one-day sell-off since 1987.

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