Bitcoin price fell sharply on Monday as investors began to reduce their risks amid the global stock market crash.
According to reports from coin metrics, Bitcoin was last down more than 7% at $43,790.25 before the sudden climb to 10% on Monday.The broader cryptocurrency market was in the red too,with ether down 8.5% to $3,060.80.
Bitcoin traded above $50,000 earlier this month,topping a key psychological resistance level for traders.The cryptocurrency is now below it’s 50-day moving average of $46,514.
The Bitcoin fall has wiped out over $200 billion from the crypto market.
Cryptocurrencies continues to be on a downward trend with no sign of recovery in sight.