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Bitcoin's value dropped to its lowest point in over five months on Monday, falling 12% in 24 hours to $51,995.
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This decline reversed gains from March when spot Bitcoin ETF had initially boosted its price.
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The drop in Bitcoin's value mirrored broader market declines fueled by concerns about a potential U.S. economic downturn.
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U.S. and Asian stock markets experienced significant losses, with Japanese equities entering a bear market.
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The decline in Bitcoin was exacerbated by its volatile nature, making it more prone to risk aversion.
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Anticipations of potential interest rate cuts by the Federal Reserve did not alleviate Bitcoin's decline.
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Bitcoin also weakened against the Japanese yen, as investors shifted to safer assets like the yen and gold.
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Additional pressure on Bitcoin came from speculation about a potential $2 billion sale of U.S.-held tokens.
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Market uncertainty was heightened by potential regulatory changes and shifting policy dynamics in the U.S. presidential race.
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Other cryptocurrencies suffered similar declines; Ether fell 21.5%, and XRP, SOL, ADA, DOGE, and SHIB each dropped over 17%.