The value of bitcoin fell by more than 10% on Monday, falling below the psychological level of $75,000 for the first time since November 7, 2024, trading data showed, BTA reports.
On the largest crypto exchange by volume - Binance - bitcoin fell by 10.04% to $74,720.26 as of 10:05 a.m. Bulgarian time. This is the first time since November that the price has fallen below $75,000.
According to data from CoinMarketCap - a platform that calculates the average price of the cryptocurrency from more than 20 exchanges - the value of bitcoin fell by 10.06% on the day, reaching an average of $74,711.62.
The collapse comes against the backdrop of global risk aversion by investors. Asian stock markets collapsed, with Hong Kong's Hang Seng index reporting a drop of 12.5%. US stock futures fell by about 6%, and leading European indices - by up to 9%. Oil prices also fell more than 3.5%.
"At one point, it looked like cryptocurrencies would hold their ground, but because of the 24-hour nature of this market, investors woke up on Sunday with a sell-off in mind," Charlie Sherry, head of finance and crypto analyst at BTC Markets, told Bloomberg News.
The sell-off in risky assets is intensifying amid concerns about the state of the global economy. Last week, U.S. President Donald Trump signed an executive order imposing "reciprocal" tariffs on imports from other countries - a move that has added to tensions in global trade.
"Cryptocurrencies are often a leading indicator of the movement of risky assets. "Expect even sharper corrections when US markets open today," said Julia Zhou, chief operating officer at crypto firm Caladan.