- Bitcoin is down sharply at $53,000
Bitcoin is experiencing significant losses due to growing risk aversion in financial markets. The price of the oldest and most well-known cryptocurrency plummeted in early trading on Monday to around $53,000. This is approximately $8,500 or nearly 14% less than the late Friday evening price. Last week, Bitcoin had already seen substantial losses. With the decline on Monday, the Bitcoin price also fell back to the level of late February, after reaching an all-time high of nearly $74,000 in mid-March.
The turbulence in the financial markets is also affecting other cryptocurrencies, leading to aslight decrease in their values. Despite Bitcoin's struggles, some investors remain optimistic about the long-term potential of Cryptocurrency as a revolutionary financial technology.
