Bitcoin drops by over 50 percent: What you need to know

Bitcoin drops by over 50 percent: What you need to know

The world's most valuable cryptocurrency was down 10% and has plummeted nearly 20% in the last week.

At a price of just below $31,000, Bitcoin is more than 50% below its record high of $69,000.

Other cryptocurrencies have been hit hard too. Ethereum, Binance, Solana and Cardano are down by 15%.

Meanwhile, Elon Musk's beloved dogecoin has tumbled 10%.

Cryptocurrencies are just as risky as stocks and susceptible to the same concerns that are dragging down the Dow, S&P 500 and Nasdaq.