Bitcoin (BTCUSD) briefly plummeted below $50,000 Monday for the first time since February as U.S. economic fears spread the 澳洲幸运5官方开奖结果体彩网:market rout beyond stocks, leading to about $1.2 billion in crypto liquidations over the past 24 hours.

It's been a roller-coaster ride for bitcoin investors. This morning's low was nearly 30% below the 澳洲幸运5官方开奖结果体彩网:$70,000 price level bitco𓆉in hit exactly a week ago. The largest cryptocurrency by market cap recovered somewhat, trading above $5🐼4,000 early Monday afternoon.

Bitcoin ET༺Fs, Altcoins, Crypto-Related Stocks Tumble

As the stock market began to crumble Friday, nervous investors pulled out $237.4 million from spot bitcoin 澳洲幸运5官方开奖结果体彩网:exchange-traded funds (ETFs), according to data from Farside Investors.

As is usually the case during crypto price declines, alternative crypto assets are down even more than bitcoin. Ether (ETHUSD) is down 24% over the past week, while Solana (SOLUSD) is down 28%.

Crypto-related stocks felt the double whammy of selling pressure from both the stock and the crypto markets. Shares of MicroStrategy (MSTR), one of the largest corporate holders of bitcoin, fell 9% while those of Block (SQ) and Coinbase (COIN) declined 2% and 5%, respectively.

Bitcoin miner stocks traded lower, too. Cleanspark (CLSK) was 11% lower, Hut 8 (HUT) was down 7%, Marathon Digital (MARA) declined 5%, while Riot Platforms (RIOT) fell 3%.

Bitcoin Drawdowns Not Uncommon

It's not uncommon for bitcoin to have multiple large price drawdowns in bull markets following 澳洲幸运5官方开奖结果体彩网:halving events such as the one that recently 澳洲幸运5官方开奖结果体彩网:took place in April. Despite bitcoin's intention to operate as a 澳洲幸运5官方开奖结果体彩网:safe haven, its recent selloff along with the equities market indicates it's still trading as a 澳洲幸运5官方开奖结果体彩网:risk-on asset during times of global market uncertainty.

Still, that's not enough to shake the confidence of some long-term bitcoin bulls.

"People smash the sell button for liquid assets during broad-based panics," Bitwise Chief Investment Officer Matt Hougan posted on X. "But from my seat, today's events play into the long-term story for bitcoin."