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More than half of that $1 billion was from bets on Bitcoin, totaling around $570 million.

The apex cryptocurrency declined 5.3% to $89,976.61 at the time of writing, according to CoinMarketCap data, while Ethereum fell 5.4% to $3,006.10 and XRP was down 4% to $2.16.

The value of the world's most popular cryptocurrency tumbled below $93,000, down from its all-time high of more than $126,000 just six weeks ago.

Beware of a new cryptocurrency scam that uses Billboard's trademark. Get more information.

Global stock markets pulled back Monday as traders awaited key earnings reports, notably from chip giant Nvidia, amid concerns that the US Federal Reserve could hold off on further rate cuts this year.

Global stock markets pulled back Monday as traders awaited key earnings reports, notably from chip giant Nvidia, amid concerns that the US Federal Reserve could hold off on further rate cuts this year.

Global stock markets pulled back Monday as traders awaited key earnings reports, notably from chip giant Nvidia, amid concerns that the US Federal Reserve could hold off on further rate cuts this year.

Global stock markets pulled back Monday as traders awaited key earnings reports, notably from chip giant Nvidia, amid concerns that the US Federal Reserve could hold off on further rate cuts this year.

Global stock markets pulled back Monday as traders awaited key earnings reports, notably from chip giant Nvidia, amid concerns that the US Federal Reserve could hold off on further rate cuts this year.

Global stock markets pulled back Monday as traders awaited key earnings reports, notably from chip giant Nvidia, amid concerns that the US Federal Reserve could hold off on further rate cuts this year.

Global stock markets pulled back Monday as traders awaited key earnings reports, notably from chip giant Nvidia, amid concerns that the US Federal Reserve could hold off on further rate cuts this year.