According to the Coinbase cryptocurrency exchange, the value of Bitcoin has dropped below $31,000 (£25,140), less than half of what it was at its peak last November.
The fall of the world’s largest cryptocurrency by market value coincides with a drop in global stock markets in recent days.
Key European, Asian, and US indexes fell further on Monday.
Investors are fleeing riskier assets in favour of safe havens such as the US dollar.
On Monday, Japan’s Nikkei index fell 2.5 percent, while London’s FTSE 100 fell more than 2%. In the United States, the Dow fell nearly 2%, the S&P 500 fell 3.2 percent, and the Nasdaq fell 4.3 percent, deepening recent losses.
According to the Coinbase cryptocurrency exchange, the value of Bitcoin has dropped below $31,000 (£25,140), less than half of what it was at its peak last November.
Uber was one of the companies responsible for the declines.
On Monday, the company’s stock dropped more than 11% after media outlets reported that CEO Dara Khosrowshahi had warned employees that investors were becoming more cautious about investments. He stated that Uber will respond by cutting costs and slowing hiring.
“It’s clear that the market is experiencing a seismic shift and we need to react accordingly,” he wrote in the letter.
“The average employee at Uber is barely over 30, which means you’ve spent your career in a long and unprecedented bull run. This next period will be different, and it will require a different approach.”
During times of market uncertainty, traditional investors will frequently sell what they perceive to be riskier assets, such as digital currency, and redirect their funds into safer investments.
