The price of Bitcoin plunged below $50,000 on Monday, reaching lows not seen in over six months amid a widespread global market sell-off.

BREAKING: #Bitcoin falls below $50,000 pic.twitter.com/11og9GoSyi

— Bitcoin Magazine (@BitcoinMagazine) August 5, 2024

Bitcoin dropped as much as 20% to around $49,000 before rebounding slightly to trade above $50,000 again. The steep decline coincided with crashing stock markets worldwide, fueled by recession fears.

Japan’s Nikkei index plunged over 8%, posting its worst two-day rout since 1987. Asian and European markets are experiencing some of the worst losses ever. In the U.S., the tech-heavy Nasdaq entered correction territory after sliding over…

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