For the first time since February, Bitcoin's price briefly dips below $50,000.

Cryptocurrencies tumbled amid a global market sell-off spurred by recession fears.

On Monday, the price of sank more than 11% to $52,501.62, according to Coin Metrics. At one point, it fell to $49,111.10, which was its first time under the $50,000 level since February. Since Saturday, it has lost nearly 16%.

The crypto asset's three-day loss deepened to 23% as it dropped 15% to $2,321.95.

The broader market sell-off that began last week, triggered by a weaker-than-anticipated July jobs report, led to a correction in the tech-heavy Nasdaq Composite. Meanwhile, Japan's stocks entered a bear market on Monday, with a 12% plunge overnight marking its worst one-day sell-off since 1987.

Over the weekend, Goldman Sachs raised its recession odds to 25%.

"Last Wednesday, the belief that inflation was gradually decreasing and the economy was relatively stable led many to assume that the Fed would begin cutting rates with a successful soft landing of the economy. However, the July U.S. manufacturing PMI and jobs report were much weaker than expected, causing investors to worry about the possibility of recession and sell off risk assets."

"Given that there is no absolute evidence of a recession yet, the market's reaction has been somewhat overblown," he said. "We can expect some backlash this week."

In addition to economic and geopolitical issues, crypto investors are facing sell pressure from Mt. Gox distributions and decreasing chances of a second Trump presidency in the US. According to polls on Polymarket, an Ethereum-based prediction market platform, the gap between Trump and Kamala Harris has narrowed significantly since President Joe Biden dropped out of the race on July 21.

Bitcoin has already dropped 20% in August, a typically sluggish month for risky assets, and is currently below the $55,000 support level that has sustained it for most of the year. If it fails to regain its footing, it could mark its worst month since June 2021, when it plummeted approximately 37%.

Bitcoin is still holding onto a year-to-date gain of 23%.