Bitcoin and companies tied to cryptocurrencies extended a nearly two-month swoon Monday, tracking with a broader market sell-off in technology companies that many see as overvalued.

Bitcoin, which soared to a record $126,210.50 on Oct. 6 according to crypto trading platform Coinbase, slid more than 7% to below $85,000. That's a decline of 33% in just eight weeks.

Stocks across the crypto industry tumbled, with Coinbase Global sinking 4% and online trading platform Robinhood Markets losing 5.2%. Bitcoin mining company Riot Platforms dropped 7%.

Strategy, the biggest of the so-called crypto treasury companies that raises money just to buy bitcoin, tumbled 8.8%. The company has reported holding 649,870 bitcoin. As of 11 a.m. ET Monday they were worth about $55 billion.

American Bitcoin, i

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