Bitcoin Heads for Worst Weekly Slide in a Year Amid Risk Selloff

Bloomberg2021-02-26

Largest cryptocurrency drops as much as 20% in the period Selling in Grayscale trust may be contributing: Ayyar Bitcoin’s rally this year has hit a speed bump, putting it on track for the worst ...

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Comments

BellaEng
2021-03-01
BellaEng
Speculation
- SKHan:
  Thats right
sher999
2021-03-01
sher999
Haha
WealthLife
2021-03-01
WealthLife
Leave 1 comment for tigercoin
BpchuA
2021-02-28
BpchuA
Bitcoin rocks
BpchuA
2021-02-28
BpchuA
We rock
Bradan
2021-02-28
Bradan
Just buy

Leave a comment

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The wider Bloomberg Galaxy Crypto Index, tracking Bitcoin, Ether and three other cryptocurrencies, is down 22% this week.\nThe rough patch for Bitcoin comes amid wider chaos in global markets, as a surge in bond yields heralds growing expectations that growth and inflation are moving higher and forcing traders to reevaluate their positions across multiple asset classes. The tech-heavy Nasdaq 100 dropped in seven of the past eight sessions as stocks like Tesla Inc. and Peloton Interactive Inc. declined.\n“Risk-on assets are taking a hit at the moment -- we’re seeing stocks slide and crypto is following,” said Vijay Ayyar, head of Asia Pacific for cryptocurrency exchange Luno in Singapore. “The dollar is strengthening, which is a good indication to expect a slide in Bitcoin and crypto.”\n\nBitcoin’s weakness in the face of market gyrations raises questions about its efficacy as a store of value and hedge against inflation, a key argument among proponents of its stunning fivefold rally over the past year. Detractors have maintained the digital asset’s surge is a speculative bubble and it’s destined for a repeat of the 2017 boom and bust.\nWhile Bitcoin is often touted as the new “digital gold,” the yellow metal is winning out at the moment with spot gold holding at $1,768 per ounce, down less than 1% for the week. 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The trust has slumped 20% this week, with losses at one point racing past its underlying asset, as a once-massive price premiumover Bitcoin has evaporated as investors cashed in on those gains, he 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right","text":"Thats right","html":"Thats right"}],"langContent":"EN"},{"id":366449672,"gmtCreate":1614557496996,"gmtModify":1704772362935,"author":{"id":"3574918575475992","authorId":"3574918575475992","name":"sher999","avatar":"https://static.tigerbbs.com/3f84b255888240c9ed2f0b0bece3c79f","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3574918575475992","authorIdStr":"3574918575475992"},"htmlText":"Haha","listText":"Haha","text":"Haha","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366449672","repostId":1118155789,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":366411919,"gmtCreate":1614549810531,"gmtModify":1704772298672,"author":{"id":"3566471223304091","authorId":"3566471223304091","name":"WealthLife","avatar":"https://static.tigerbbs.com/532ca1e4472c5ea6253974f44276245f","vip":1,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":3,"crmLevelSwitch":0,"idStr":"3566471223304091","authorIdStr":"3566471223304091"},"htmlText":"Leave 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