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Bitcoin tumbles below $8,000 for the first time since June | Currency News | Financial a…

07 Oct Bitcoin tumbles below $8,000 for the first time since June | Currency News | Financial a…

Posted at 14:23h in Bitcoin News by

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FILE PHOTO: A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017. REUTERS/Dado Ruvic/File PhotoReuters

  • Bitcoin sank below $8,000 per token early Monday, hitting its lowest level since early June.
  • The world’s most traded cryptocurrency has fallen roughly 31% from its yearly high of $12,921, though global recession fears and asset selloffs have played to bitcoin’s favor in recent months.
  • Investors have used the digital token as a hedge against common assets, as it’s less tied to geopolitical tensions than stocks and bonds.
  • Watch Bitcoin and other cryptocurrencies trade live here.

Bitcoin fell below $8,000 per token early Monday, reaching a low not seen since June.

The world’s most traded cryptocurrency slipped as low as $7,831.92 before paring its losses and rising above the $8,000 threshold.

Read more: Facebook’s cryptocurrency push takes a big hit as PayPal cuts ties with Libra

Bitcoin has dropped roughly 31% from its yearly high of $12,921 in late June. The asset has seen short recoveries from its early 2019 lows, as gears of recession have recently played…

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