Bitcoin News March 10: Cryptocurrency Bitcoin took a heavy blow on Monday

Bitcoin fell more than five per cent to briefly trade below the psychologically important $80,000 mark

Cryptocurrency Bitcoin took a heavy blow on Monday, falling more than five per cent to briefly trade below the psychologically important $80,000 mark as fears about a trade tariffs-fuelled slow could come in the way of economic growth sent investors skittish.

The cryptocurrency slid below the mark for the first time in four months.

The American blue-chip index Dow Jones Industrial Average fell as much as 526.2 points, or 1.2 per cent, to hit 42,275.6 during the first couple of hours of trade.

Cryptocurrencies like Bitcoin are traded round the clock and don't follow the normal opening and closing schedule as other securities such as stocks.

The American technology stocks-heavy Nasdaq Composite index plunged as much as 705.3 points, or 3.9 per cent, to 17,490.9—the lowest intraday level in nearly six months—during the session.

The cryptocurrency fell to as low as $79,486.9 during the session before returning to $80,400 levels.

At 9:24 pm in India on Monday, Bitcoin was changing hands at $80,435.6.

Monday’s slump came within a fortnight of the cryptocurrency slipping below the $90,000 mark to its lowest level in about 14 weeks, data shows.

Bitcoin is the world’s most popular and largest cryptocurrency by market value.

Last week, US President Donald Trump signed an executive order to establish an American bitcoin reserve as well as a digital asset stockpile.

Analysts add that the 47th US president's move disappointed some investors.

Uncertainty around the global impact of tariff-related action between the US and its major trade partners has already kept investors on their toes for the past few weeks, some analysts opine.