Bitcoin and other cryptocurrencies are falling on Sunday amid the global market swoon.
The largest digital currency fell 6.2% to just over $78,080, according to CoinDesk. Ethereum was off 13% to around $1,576.
Bitcoin has fallen nearly 28% since reaching its high of $109,225 on inauguration day in January. The digital currency appears to be getting caught up in the market plunge despite trading above $80,000 last week when the Trump administration announced the tariffs that have ignited a global selloff.
Unlike smaller digital tokens, Bitcoin gets some support from exchange traded funds that hold it as well as by companies such as MicroStrategy, which have been buying up Bitcoin.
Investors are bracing for markets to open on Monday after consecutive sharp selloffs that have erased $6 trillion in value. Former Treasury Secretary Larry Summers said in a social media post that there is a very good chance of more turbulence in markets after Thursday and Friday.
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