Analysts said that profit-taking after the recent rally, and speculation about tighter regulations, were among the reasons for the shift lower.
Crypto believers tout purchases by retail investors, institutions and even billionaires, as well as the search for a hedge against dollar weakness amid the pandemic, as reasons why the boom can last.Sceptics argue the cryptocurrency’s famed volatility portends a repeat of what happened three years ago, when a bubble burst spectacularly.
Concern about the possibility of tighter US crypto rules, as well as profit taking, help explain Thursday’s price drop across most major digital assets, said Ryan Rabaglia, global head of trading at OSL brokerage in Hong Kong. Just this week, Van Eck Associates Corp launched a Bitcoin exchange-traded note on the Deutsche Boerse Xetra exchange. In October, PayPal Holdings Inc said it would allow its customers access to cryptocurrencies.
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