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Bitcoin slumps as global market turmoil infects cryptocurrencies
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The biggest cryptocurrency fell 8.5 percent to $7,250, its lowest since January 3.
Bitcoin slumped on Thursday to its lowest in more than two months, with traders citing a sell-off across global markets as fears of the economic damage from the coronavirus pandemic take hold.
The biggest cryptocurrency fell 8.5 percent to $7,250, its lowest since January 3. It has lost nearly 20 percent of its value in the last five days, mirroring sharp losses for assets from stocks to oil.
“We’ve seen de-risking across all asset markets,” said Jamie Farquhar, portfolio manager at London-based crypto firm NKB. “Bitcoin is certainly not immune to that.”
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