Bitcoin slumps under $25,000, lowest in 18 months

Bitcoin slumps under $25,000, lowest in 18 months

A neon logo of cryptocurrency Bitcoin is seen at the Crypstation cafe, in downtown Buenos Aires, Argentina May 5, 2022. (Reuters file photo)
A neon logo of cryptocurrency Bitcoin is seen at the Crypstation cafe, in downtown Buenos Aires, Argentina May 5, 2022. (Reuters file photo)

Bitcoin tumbled Monday to an 18-month low under $25,000 as investors shunned risky assets in the face of a global markets selloff.

The world's most popular cryptocurrency dived about 10 percent to hit $24,692 in morning London deals, striking a level last seen in December 2020.

World stock markets have plunged since Friday when data showed US inflation at a fresh four-decade high, increasing recession fears.

"The correlation between the equity markets and bitcoin continues to" gain strength, said AvaTrade analyst Naeem Aslam.

The virtual unit has collapsed 65 percent in value since striking a record peak in November 2021.

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