Bitcoin, the world’s biggest cryptocurrency, slumped as much as 13 per cent to its lowest since November 16. It was last down nine per cent at US$17,074, a sharp correction from its three-year high of US$19,521 hit yesterday. — Reuters pic
It has rallied around 140 per cent this year to just shy of its all-time high of US$19,666, fuelled by demand for riskier assets, a perception it is resistant to inflation, and expectations cryptocurrencies will win mainstream acceptance. Backers hoped than in 2020 a more mature market and fewer retail investors have lowered the chances of the kind of crash that followed its 2017 bubble.
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