Bitcoin dips below $31,000, days after topping $40,000, as crypto is hit alongside Nasdaq stocks

Bitcoin extended sharp losses Monday, falling below $31,000 after touching a recent high of $40,000 last week.

The price of bitcoin was last down 10.9% at $30,812.07, according to Coin Metrics. Earlier in the day, it fell as low as $30,675.44, its weakest point since last July when Bitcoin traded as low as $29,839.80 – the last time bitcoin traded below $30,000. It’s about 53% from its all-time high, which it hit in November. Ether fell 10.8% to $2,278.43.

Cryptocurrencies have been steadily extending their declines since Thursday, when they fell sharply amid a broader stock market sell-off, in which the Dow Jones Industrial Average and Nasdaq Composite posted their worst single-day drops since 2020. Losses steepened over the weekend. Crypto trades 24 hours a day, including weekends.