Bitcoin steady near US$32,000 after slump that rattled crypto boom

Bitcoin’s surge to a record of almost US$42,000 (RM169,785) on Jan 8 embodied the embrace of risk in financial markets awash with stimulus. — Reuters

Bitcoin steadied after earlier slumping below US$30,000 (RM121,275) on Friday in a retreat that stoked fresh questions about the sustainability of the cryptocurrency boom.

The digital coin traded around US$32,000 (RM121,275) just hours after sliding as much as 7.7% to about US$28,818 (RM116,496) in Asia in its latest bout of volatility. Commentators have cautioned that a sustained drop below US$30,000 (RM121,275) could presage further losses. The largest cryptocurrency is on course for one of its worst weeks since the pandemic roiled financial markets in March last year.