Bitcoin drops below $50,000 for the first time since February

• Crypto Stocks Coinbase and MicroStrategy were among the hardest hit in premarket trading.
• Bitcoin down to $49,111.10 at one point its lowest level and fist time under $50,000 since February after trading close to $70,000 week before
• The move follow a broader market sell off that start last week when a weaker than anticipated July jobs report renewed investor fears of recession.

Cryptocurrencies amid global market sell off spurred by recession danger.

The price of bitcoin down over 13% on Monday to $50,963.57 according to Coin Metrics.

At one point it down to $49,111.10 its lowest level and first time under $50,000 since February.

Crypto stocks were among hit in premarket trading. Coinbase took a 13% dip. MicroStrategy slid nearly 17% Mining stocks double digit losses too.

The move follow a broader market sell off that start last week when a weaker than anticipated July jobs report renewed investors fear of a recession.

Japan stocks entered a bear market Monday after plunging over 12% overnight its worst one day sell since 1987.

Bitcoin has lost almost 18% since Saturday. A week before on July 20 it climbed as high as $69.982.

Ether losses were even steeper. The crypto asset dropped 17% to $2,271.21 bringing its three day loss to 24% and erasing its 2024 again.

“Thirty percent slumps as scary as they are pair for the course during bull markets and bitcoin bounced back more than $50,000.

“But make no mistake we are in a choppy volatile market environment  the moment to turn bullish will be when bitcoin retakes its 200 day moving average which tells us if we are in a bull or bear market $61,500.

The move follow a broader market sell off that start last week. When a weaket than anticipated july jobs report renewed investor fears of recession.

The tech heavy Nasdaq Composite entered a correction.

Japan stocks entered a bear market Monday after plunging over 12% overnight one day sell off since 1987.

Crypto traders faced mega losses as mega cryptocurrencies including Ether and Bitcoin experienced a sharp downfall resulting in more than $1 billion in liquidations.

Crypto investors and traders lost $1.08 billion in total liquidations amid falling prices of mega cryptocurrencies including Ether, Solana and Bitcoin.