Bitcoin falls to November low under $80,000 on heightened recession fears

The price of the flagship cryptocurrency was last lower by 5% at $78,714.96, its lowest level since November, according to Coin Metrics. Bitcoin dropped under the $80,000 level Monday, dragged by the continued selling pressure in the equities market. Shares of companies linked to the crypto space also slid. Coinbase fell roughly 14%. Robinhood lost 17%, and bitcoin proxy play Strategy , formerly known as MicroStrategy, declined 16%. Bitcoin ETFs are coming off their fourth week in a row of outflows. They logged $867 million of outflows last week, bringing the four-week total to $4.75 billion, according to CoinShares. Continued bearishness pushed crypto prices even lower over the weekend, with bitcoin dropping sharply on Sunday evening to the $80,000 level for the first time since Feb. 28. President Donald Trump signed an executive order to establish a U.S. bitcoin reserve and a digital asset stockpile late last week, disappointing some investors. However, macro uncertainty was the ... Read full article.