India, Oct. 26 -- Bitcoin fell below the $80,000 mark on Monday as investors became more cautious ahead of a key Federal Reserve meeting. Concerns over heavy spending on artificial intelligence (AI), rising oil prices and uncertainty in global markets also put pressure on cryptocurrencies.

Bitcoin, the world's largest cryptocurrency, fell as much as 1.4% to below $79,300 before recovering some of its losses. It later traded around $80,000 during afternoon trading in Asia, according to Bloomberg.

Bitcoin was down 0.4% at $80,227.70 by 1:52 am Eastern Time (5:52 am GMT) on Monday. The cryptocurrency had lost around $2,000 over the weekend as investor confidence remained weak. The decline in Bitcoin spread to the wider cryptocurrency marke...