The digital token slumped 20 per cent this week, the most since the pandemic-fueled selloff last March. The wider Bloomberg Galaxy Crypto Index, tracking Bitcoin, Ether and three other cryptocurrencies, was down 23 per cent for the same period.
Bitcoin's rough patch comes amid increased volatility in global markets, as a surge in bond yields heralds growing expectations that growth and inflation are moving higher.
Heavy selling in the Grayscale Bitcoin Trust, the worlds largest such fund, as well as the expiry of Bitcoin options are also contributing to the volatility.
(Bloomberg) -- Mounting bets that the economy is set to take off later this year have sent a gauge of the stock market’s highest fliers toward the longest slump in four months.
The tech-heavy Nasdaq 100 fell as much as 2.
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This is a syndicated repost courtesy of Credit Bubble Bulletin . To view original, click here. Reposted with permission.
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