Crypto stocks rallied in premarket trading as Bitcoin climbed back above $80,000. Coinbase, Strategy, and Canaan rose 4%; Hut 8, Riot Platforms, Bitfarms, and CleanSpark rose 2%; MARA Holdings rose 1%.

Bitcoin fell to $78,000 on Monday, marking a 27% decline from its all-time high, as crypto and stocks stretched their combined market cap losses to $6 trillion. The selling pressure is largely due to a growing correlation between the asset classes and a shift in investor sentiment toward a risk-off strategy.

The crypto market bled heavily on Monday, declining by 4% and pushing its market cap to $2.67 trillion — a low last seen on November 9. Over the past three months, the increased selling pressure has seen crypto assets shed $1.2 trillion in market cap since hitting a peak on December 17.

Bitcoin dipped to a multi-month low of $78,000 for the first time since November, marking a 27% decline since reaching an all-time high of $107,000 in January.