NEW YORK (CNBC) - The price of bitcoin dropped sharply Monday as investors began shedding risk amid a global equity markets decline.
While bitcoin is often called a safe haven asset, the growing reality is its price tends to go down amid broader declines in risk assets. Bitcoin’s rally has so far coincided with the broader risk-on rally and much like stocks, bitcoin’s price also usually experiences a September slide.
Bitcoin lost as much as 10% Monday morning. It was last down 7% and trading at $43,849.85, according to Coin Metrics. The broader crypto market is in the red too, with ether last down 8% to $3,053.15.