Stock markets around the world have dropped recently and Bitcoin is no different. Uber was one of the companies that saw a significant decline.

Bitcoin is one of the most popular cryptocurrencies available with countries like El Salvador allowing it to be used as a main source of currency.

Shares in the company dropped more than 11%. Chief executive, Dara Khosrowshahi, warned staff that investors were becoming more cautious about investments. The company is responding by cutting costs and slowing down hiring.

"It's clear that the market is experiencing a seismic shift and we need to react accordingly," Khosrowshahi said. "The average employee at Uber is barely over 30, which means you've spent your career in a long and unprecedented bull run. This next period will be different, and it will require a different approach."

Bitcoin accounts for about a third of the cryptocurrency market and saw a fall of over 20%. Ethereum, the second biggest cryptocurrency in the world, has also fallen in value.

Central banks around the world including the US, UK, and Australia raised interest rates in order to keep up with rising costs. Investors are concerned that inflation can have a major impact on the global economy.