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Cryptocurrencies sank Friday, taking Bitcoin to the lowest level in more than five months as risk aversion again swept across global markets.<\/p>\n
The largest cryptocurrency dropped as much as 7.4% to $38,261, while second-ranked Ether slid below $3,000. Digital tokens overall have shed some $1 trillion in value since a November peak.<\/p>\n
\u201cBitcoin and the broader crypto market remain subject to the whims of macro variables,\u201d Fundstrat Digital Asset Research strategists Sean Farrell and Will McEvoy wrote in a note.<\/p>\n
Virtual coins have become emblematic of a retreat in speculative investments stirred by the prospect of tighter monetary policy in the U.S.<\/p>\n
Bitcoin has been tracking swings in technology stocks, which have been under pressure, with the Nasdaq 100 tumbling into a correction on Thursday.<\/p>\n
Other cryptocurrencies also dropped, such as Binance Coin, Cardano and Solana.<\/p>\n
Bitcoin has soared in the past several years, partially amid a narrative around institutional adoption, suitability as a portfolio hedge and as a store of value.<\/p>\n
Its gyrations during a volatile time for global markets undercut that narrative, though the largest cryptocurrency is still up more than fourfold in the past two years.<\/p>\n
The Fundstrat strategists suggested legacy buyers might be responsible for much of the recent decline, which has taken Bitcoin down more than 40% from its November record of almost $69,000.<\/p>\n
Cryptocurrencies sank Friday, taking Bitcoin to the lowest level in more than five months as risk aversion again swept across global markets.<\/p>\n","protected":false},"author":341034,"featured_media":430924,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44696],"tags":[71808,187,48238,191,72308],"class_list":["post-430918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-binance-coin","tag-bitcoin","tag-cardano","tag-cryptocurrency","tag-solana"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/430918"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=430918"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/430918\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/430924"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=430918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=430918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=430918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/a><\/p>\n
\nNow read: Cryptocurrency regulation coming for South Africa \u2014 when to expect it<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"