The price of bitcoin fell 6% to $88,519, according to Coin Metrics. Earlier, it fell as low as $87,736.
Bitcoin dropped below the $90,000 level during overnight trading on Monday, as sell pressure in the equities market weighed on the crypto sector ahead of the next catalyst.
The price of bitcoin fell 6% to $88,519, as of early Monday, according to Coin Metrics data. Earlier, the coin fell to a low of $87,736.
The decline puts the blue-chip coin roughly 20% below its all-time high, which was set on the day of President Donald Trump's inauguration.
"Equities have seen a few rough sessions over the past week, with top-performing stocks down multiple times the index, as the market adjusts to increased uncertainty with the new administration," said Steven Lubka, head of private clients and family offices at Swan Bitcoin. "This pressure has carried over into bitcoin and crypto markets."
The S&P 500 on Monday posted a three-day losing streak as it failed to recover from last week's sell-off, which was driven by concerns over a slowing economy and sticky inflation.
"This, coupled with the lack of visible short-term catalysts, creates an environment for profit-taking and pressure from shorts," Lubka added.
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