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 earlier than paring its losses and rising above the $8,000 threshold.
Bitcoin has dropped roughly 31% from its yearly excessive of $12,921 in late June. The asset has seen short recoveries from its early 2019 lows, as gears of recession have lately performed to the crypto coin’s favor.
Some investors have used the token as a hedge towards more common investments because the token is not as tied to geopolitical tensions as stocks or bonds. The token climbed above $12,000 in early August after China allowed its currency to fall below a critical psychological level, indicating a prolonged trade conflict between it and the US.
Bitcoin traded at $8,044.77 per token as of 8:25 a.m. ET Monday, up roughly 116% year-to-date.