Stock Track | ProShares Bitcoin ETF Plunges Nearly 6% in Pre-Market on Crypto Selloff

Stock Track17:12

The ProShares Bitcoin ETF (BITO) experienced a pre-market plunge of nearly 6% on Monday, as concerns over a potential global trade war sparked a selloff in cryptocurrencies.

Bitcoin, the world's largest and most well-known cryptocurrency, dropped to around $95,777, hitting a three-week low of $91,441.89 in early Asian trading. Ether, the second-largest cryptocurrency, also fell to its lowest level since early September.

The cryptocurrency market sell-off was fueled by investors' worries that escalating trade tensions between the United States, Mexico, Canada, and China could hurt global economic growth and company earnings, leading them to move away from riskier assets like cryptocurrencies.

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