Bitcoin was last traded at around $ 29,800 per coin on Tuesday, its lowest level since last month.
“Bitcoin is the ultimate risky asset right now and could face strong selling pressure if Wall Street goes into panic sell mode,” wrote Edward Moya, senior market analyst for America at Oanda, in a research note on Monday.
The most recent decline came as investors worried about the impact the Delta option would have on reopening the global economy. Airlines, cruise lines and energy stocks plummeted in the United States on Monday. Long-term bond yields also continued to slide, a sign that bond investors are now far more concerned about the delta-induced economic slowdown than about rising inflation fears.
US stock futures also gained. Dow futures recently gained around 0.7%, while futures for the S&P 500 and Nasdaq rose around 0.6% and 0.5%, respectively.
– Paul R. La Monica and Robert North contributed to this report.