The digital currency has dropped 5.7% in the last 24 hours, and was trading at $42,955 per coin as of 2:43 am ET on Tuesday, according to cryptocurrency tracker Coindesk.
Earlier, it was down as much as 12%.
Other cryptocurrencies are tumbling, too. Ethereum and dogecoin have each declined 4.4% and about 6%, respectively, in the past 24 hours.
The fall followed a major drop in US stocks on Monday, as Wall Street’s fears turned to China. Investors have been uneasy over the deepening crisis of Evergrande, a massive Chinese property conglomerate that’s at risk of defaulting.
It was the worst performance since May for the S&P ( and the )Nasdaq (, while the )Dow ( logged its worst day since July. )
Experts have characterized Evergrande’s struggles as a major test for Beijing, with some worrying about whether the company risks creating China’s Lehman Brothers moment. While other analysts have said it’s far from certain that Evergrande’s crisis will become a similarly far-reaching event, the crisis has sent shockwaves across the world.