The bitcoin price has plummeted under the closely-watched $80,000 per bitcoin level, sparking fears that a full-blown bitcoin and crypto crash could be looming.

Cryptocurrency markets fell as global equities and precious metals sold off, while bitcoin liquidations exacerbated downside moves.

The crypto treasury company's Bitcoin bet fell into the red at one point on Monday.

Fears have been swirling for years that the era of U.S. dollar reserve currency status could be coming to an end, with the turmoil triggered by U.S. president Donald Trump’s global trade tariffs and the rise of China as a economic challenger to the U.S. stoking those fears.

Bitcoin price visits 9-month low as macro tensions kept market demand in check. Altcoin market sees late day recovery led by STABLE and RIVER.

A sharp drop in the bitcoin price while CME was shut leaves bitcoin futures trading well below Friday’s close.

The bitcoin price crashed into the $75,000 range, breaking below key technical support levels as heavy selling pressure swept through the market.

“When interest rates increase, fixed-income assets lose value, and investors, knowing that interest rates are easier to predict and may continue to increase, instead of holding a ‘fixed-income’ asset that will lose value in the short term, they cut losses and invest in riskier assets, like Bitcoin,” he said in a recent analysis.

Long-term bitcoin holders are selling at the fastest pace since August, while some industry observers suggest the market may be approaching a bear-market bottom.

From November 10 to December 1, Bitcoin fell from a valuation of about $106,000 to a low of under $85,000. Concerns surrounding tech stocks, liquidity, and a variety of other complex factors had contributed to a deepening risk mood in crypto spaces.

Bitcoin (COIN:BTCUSD) hovered near its weakest levels since April on Monday, after a steep weekend sell-off dragged prices toward the $75,000 area. Heavy unwinding of leveraged trades and rising macro uncertainty continued to weigh on market sentiment.