Bitcoin fell below $73,000 on Tuesday as investors sold the asset to hedge against heightened geopolitical and economic uncertainties.

The bitcoin price has plummeted under the closely-watched $80,000 per bitcoin level, sparking fears that a full-blown bitcoin and crypto crash could be looming.

Bitcoin's very modest bounce from the weekend lows appears to be failing, the price falling back to just above $77,000. Gold and silver, meanwhile, have renewed their bull runs, with gold close to reclaiming the $ 5,000-per-ounce level.

The price of bitcoin fell about 10% over the past week.

“Our worst-case scenario assumes a decline to the $1.8 trillion to $2 trillion range, with an extension to 161.8% of the initial downward momentum in October-November,” Alex Kuptsikevich, FxPro chief market analyst, said in emailed comments.

From November 10 to December 1, Bitcoin fell from a valuation of about $106,000 to a low of under $85,000. Concerns surrounding tech stocks, liquidity, and a variety of other complex factors had contributed to a deepening risk mood in crypto spaces.

Although they may now be driven by more than supply and demand alone, the prices of cryptocurrencies like Bitcoin are fundamentally based on scarcity. Bitcoin appears to have no national or institutional support as a decentralized digital asset.

Bitcoin price prediction goes parabolic as Binance eyes a 1 billion dollar BTC buy. Follow the smart money before the next 100K supply shock.

The Bitcoin price attracts attention from analysts and traders who watch its moves on crypto exchanges. Researchers usually point to a few factors that move the coin’s price through different cycles. The key drivers include supply limits, market demand, macroeconomics, and market behaviors.

Cryptocurrency markets fell as global equities and precious metals sold off, while bitcoin liquidations exacerbated downside moves.