“LONDON : Investors eschew riskier assets after a selloff in global stock markets, sending Bitcoin to an 18-month low below $25,000 on Monday.
The value of the most popular cryptocurrency fell 10% in morning London trading to $24,692, a level last seen in December 2020.
Since Friday, when the US inflation rate hit its highest level in four decades, stock markets all over the world have dropped sharply. This has made people worry that a recession is coming.
AvaTrade analyst Naeem Aslam said the “correlation between the stock markets and bitcoin continues to“ strengthen.”
The value of the virtual unit has dropped by 65 percent since reaching a record high in November 2021.
