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The market value of Bitcoin (BTC-USD) has fallen by 50% since its peak in November last year, tracking slumping global equities amid geopolitical tensions and inflation pressure.
Over the weekend, most of the major cryptos came under pressure and the downbeat mood carried over into Monday as the world’s biggest cryptocurrency headed toward levels last seen in July 2021.
Bitcoin fell 4.4% to $32,980 (£26,780) on Monday afternoon in London, dropping out of the range it’s been trading in 2022.
Read more: Live crypto prices
The token has a market cap of $635bn and accounts for nearly a third of the $2bn cryptocurrency market.
Ether (ETH-USD), the second largest crypto, which underpins the Ethereum network, crashed 5% to $2,411 at the time of writing.
Bitcoin’s fresh downturn puts it closer to breaching the January low of $33,000, completely reversing the bull run that drove the token to a record $69,000 in November last year