Bitcoin retreats 20% from all-time high


The world’s largest cryptocurrency fell as much as 8.9% to US$53,624 (RM227,366) yesterday during London trading hours.

NEW YORK: Bitcoin tumbled 20% from record highs notched earlier this month as a new variant of the coronavirus spurred traders to dump risk assets across the globe.

The world’s largest cryptocurrency fell as much as 8.9% to US$53,624 (RM227,366) yesterday during London trading hours.

Ether, the second-largest digital currency, dropped more than 12%, while the wider Bloomberg Galaxy Crypto Index declined as much as 7.5%.

A new variant identified in southern Africa spurred liquidations across markets, with European stocks falling the most since July and emerging markets also slumping.Bitcoin itself has been under pressure since reaching a record of almost US$69,000 (RM292,560) earlier this month on enthusiasm over the first US exchange-traded fund linked to futures on the digital asset. It’s currently sitting near its 100-day moving average of US$53,940 (RM228,706), which served as support during its late-September pullback. — Bloomberg

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