Business
Bitcoin slumps, slamming brakes on New Year rally – The Australian Financial Review
Bitcoin fell sharply on Monday, losing ground from a record high of $US34,800 touched a day earlier, with traders citing volatility in highly leveraged futures…
Bitcoin’s record high came less than three weeks after it crossed $US20,000 for the first time, on December 16. The world’s biggest cryptocurrency more than quadrupled in price last year.
Traders said bitcoin’s drop on Monday was not unusual for the volatile asset, whose wild price swings have in part prevented it from becoming widely used as a currency.
“It’s still an unavoidably volatile asset by its nature,” said Joseph Edwards of crypto brokerage Enigma Securities.
“For the most part, this looks…
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