Bitcoin’s (CRYPTO: BTC) gravity-defying plunge worsened as the world’s largest cryptocurrency tanked below $50,000 briefly for the first time in nearly six months before reversing course.

What Happened: Bitcoin briefly fell to $49,121 during Asia trading hours, before rebounding to the $52,000 level at the time of writing. The digital currency was down 12.89% in the last 24 hours, and 24% over the month. Such levels were last seen around mid-February.

Ethereum (CRYPTO: ETH) hit a low of $2,160 before recovering to $2,329.

Over $1 billion was liquidated from the cryptocurrency market in the last 24 hours, the highest in five months, with more than $900 million in bullish long bets getting wiped out.

Bitcoin’s slump caused a 16% decline in open interest, indicating the forced closure of bullish longs.

See Also: Bitcoin A CIA Creation? Tucker Carlson Believes So: ‘They Got There First. It’s Honey Trap’

Why It Matters: The slump comes amid a broader rout in financial markets across the globe. Japan’s Nikkei 225 tumbled 12.40% on Monday, recording its worst trading day since the “Black Monday” crash of 1987.

U.S. futures registered a downswing as well, with the Dow Jones Industrial Average Futures falling more than 600 points.

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