Bitcoin Falls 14% In $500 Billion Crypto Selloff
Topline
Bitcoin’s slump extended Monday, as the world’s largest cryptocurrency pulls back further from last week’s all-time high, though it’s still a banner year for bitcoin investors.
Bitcoin has struggled since the Fed indicated rates are likely to stay higher for longer.
Key Facts
Bitcoin fell 2% to just below $93,000 by 9 p.m. Greenwich Mean Time, or 4 p.m. EST (price movements for the constantly traded crypto token are most commonly referenced in GMT).
The digital asset is on track for its lowest end-of-day price since Nov. 27.
Bitcoin is down 14% from its record of more than $108,000 set last Tuesday, sending it into correction territory for the first time in four months.
…
