Bitcoin drops 6% to less than $55,000

Bitcoin fell more than six percent on Monday after rising to a record high of $58,354 the previous day, as global equity sell-offs hampered risk appetite.

The world’s most popular cryptocurrencies rose over the weekend to record highs, almost doubling their value since the beginning of the year. Its market value was $1 trillion on Friday.

The rival cryptocurrency, Ethereum, fell seven percent to $1,798. Bitcoin was trading at $54,000.