Bitcoin, the world’s largest cryptocurrency by market cap, dropped to $52,000 amid a market sell-off on Monday.
The price of the digital asset dropped significantly by 13 percent in 24 hours.
The cryptocurrency dipped from $60,752 on August 4, to $52,312 on August 5, according to CoinMarketCap, a price-tracking website for crypto assets.
Similarly, the price of other cryptocurrencies also experienced a downswing. The price of Ethereum fell from $2,905 on August 4 to $2,261 on August 5 — a decline of 22.46 percent in 24hrs.
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CoinMarketCap also said the global cryptocurrency market cap shrank to $1.85 trillion, after recording a reduction of over $184.39 billion or 14.06 percent in the last 24 hours.
According to a report by Economic Times, the dramatic drop was attributed to the hasty sell-off of assets by investors due to geo-political tensions, United States recession fears, the global impact of the appreciation of the Yen following the Bank of Japan’s decision to raise interest rates to 0.25 percent and reduce bond purchases.
On March 19, Standard Chartered Plc raised its 2024 forecast for Bitcoin (BTC) price from $100,000 to $150,000.
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Standard Chartered also predicted that the BTC would reach an all-time high of $250,000 by 2025 before settling around $200,000.
On March 11, Bitcoin crossed $71,000 for the first time in two years.
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