Bitcoin has lost nearly half its value since 2021 peak

Due to a global stock market decline, Bitcoin is losing its value quickly.

The most popular cryptocurrency was worth $42,415 Monday morning. This was its lowest point since July 20,21.

Bitcoin lost almost half of its value in comparison to the November 2021 highs.

The global selloff has caused five consecutive weekly declines in the stock market, putting pressure on the crypto market.

High-growth stocks have been particularly affected by rising interest rates.

Many of these stocks are considered the most expensive after years of leading the market. Many tech-oriented stocks have been among the market’s biggest losers this year, including Netflix, Nvidia and Facebook’s parent company Meta Platforms.

— with files from Associated Press