Bitcoin is seeing its value rapidly erode amid a global stock market downturn.
The popular cryptocurrency was valued at roughly $42,415 on Monday morning, its lowest point since July 2021.
Bitcoin has lost nearly half its value from the highs the digital currency enjoyed in November 2021.
The crypto market has not been safe from a global selloff that has seen the stock market post declines for five consecutive weeks.
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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
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