The price of Bitcoin, the leading cryptocurrency, collapsed to an intraday low of $79,355 on the Bitstamp exchange at 14:19 UTC.
This is the first time that the cryptocurrency has plunged below the aforementioned level since Feb. 28. Back then, the leading coin reached an intraday low of $78,197 before soaring by nearly 22% within the span of just three days to reach a local peak of $95,192 on March 2.
The cryptocurrency hit the aforementioned local peak when it was announced that Bitcoin would be "at the heart" of the strategic crypto reserve in the U.S.
However, the enthusiasm surrounding the reserve quickly faded, with Bitcoin collapsing to an intraday low of $81,463 in just two days since the official confirmation.
The leading cryptocurrency company has suffered from global economic headwinds along with other risk assets. The tech-heavy Nasdaq 100 index is now down by more than 7% since the start of the year.
Stocks are getting crushed yet again following the start of another trading session.
Dan Burgin
Vladislav Sopov