Bitcoin struggles to find momentum after historic crypto wipeout
After a week-long rout that erased hundreds of billions in digital-asset value, bitcoin has again failed to live up to its billing as a safe-harbour asset.
Once cast as a hedge against market turmoil – a “digital gold” for the blockchain age – the original cryptocurrency stabilised on Friday morning in Singapore after sliding alongside global equities and credit to hover near US$109,000, according to data compiled by Bloomberg.
Bitcoin had struck an all-time high of US$126,251 as recently as October 6. Days later, a record spree of liquidations sparked by escalating US-China trade tensions coincided with a sharp sell-off that encompassed most major tokens.
So far, the market has struggled to stage a lasting recovery, even as…
