Bitcoin tumbles below $8,000 for the first time since June
- Bitcoin sank below $8,000 per token early Monday, hitting its lowest level since early June.
- The world's most traded cryptocurrency has fallen roughly 31% from its yearly high of $12,921, though global recession fears and asset selloffs have played to bitcoin's favor in recent months.
- Investors have used the digital token as a hedge against common assets, as it's less tied to geopolitical tensions than stocks and bonds.
- Watch Bitcoin and other cryptocurrencies trade live here.
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 before paring its losses and rising above the $8,000 threshold.Read more: Facebook's cryptocurrency push takes a big hit as PayPal cuts ties with Libra
Bitcoin has dropped roughly 31% from its yearly high of $12,921 in late June. The asset has seen short recoveries from its early 2019 lows, as gears of recession have recently played to the cryptocoin's favor.
Some investors have used the token as a hedge against more common investments, since the token isn't 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, signalling 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.
Now read more markets coverage from Markets Insider and Business Insider:Stocks are dropping after China reportedly signals it will take a tougher stance in trade-war talks this week