Bitcoin Rebounds From Seven-Month Low As Crypto Market Bleeds Trillions
Bitcoin clawed back some ground on Nov 18 after sinking below US$90,000 to a seven-month low, finding tentative buyers in a market still shunning risk.
Reuters reported that the world’s largest cryptocurrency was last up 1.9% at US$93,532 after touching US$89,286.75, a level that erased all its gains for the year and left it trading 26% below its October peak above US$126,000.
The broader crypto market has taken a heavy hit, with roughly US$1.2 trillion wiped out in the past six weeks, according to CoinGecko, as investors price in lingering doubts over future US rate cuts and a wobbling global equities rally.
Sentiment has been further rattled by accelerating outflows from US spot bitcoin ETFs. Since equity markets plunged…
