Bitcoin Extends Weekly Drop as Doubts Twist Over Crypto Thunder
Bitcoin resumed fall off Wednesday as the Crypto currency heads for its inferior week since March 2020, a drop that’s raised questions about the outlook for the cryptocurrency boom. Bitcoin fell the maximum amount as 6.8% to about $32,360 before paring some losses. The largest cryptocurrency whipsawed investors over the past few days, hitting a record near $42,000 on Jan. 8 and then tumbling to a low around $30,300.
The price swings bring out memories of Bitcoin’s December 2017 bubble that was followed by a rapid collapse.
They also test recent narratives, like the argument that Bitcoin is maturing into a hedge against dollar weakness and inflation risk, and attracting long run investors.
