AsianFin--Cryptocurrencies experienced a sharp downturn on Monday due to heightened global risk aversion, with Bitcoin falling over 11% at one point and Ether experiencing its steepest drop since 2021.

Bitcoin was down 10% to $53,100 as of 6:48 a.m. in London, following a 13.1% decline last week, the largest since the collapse of the FTX exchange. Ether lost more than 20% of its value before partially recovering to $2,360.

The selloff in digital assets mirrors a broader global stock market downturn, driven by concerns about the economic outlook and doubts over whether heavy investments in artificial intelligence will meet expectations. Rising geopolitical tensions in the Middle East are also contributing to investor anxiety.