Bitcoin falls to lowest in 16 mths, giving up 2021 gains

Published by
Reuters UK

HONG KONG (Reuters) -Bitcoin fell to its lowest in 16 months on Thursday, leading a rush out of risk assets such as tech stocks, while the collapse of TerraUSD, a so-called stablecoin, underscored the strain on cryptocurrency markets. The world’s largest cryptocurrency dropped as low as $26,970, to stand at its lowest since Dec. 28, 2020. In the last eight sessions, it has lost a third of its value, or $13,000. Bitcoin surged in 2021 to reach its all-time high of $69,000 that November. Traders say its recent decline mirrors tumbles in tech stocks, as the Nasdaq has lost 6.4% this week. Another…

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