Bitcoin’s having its worst week this year, and the rest of the cryptocurrency market isn’t doing much better.
The world’s largest digital asset fell about 15 per cent this week to around $10,145, the biggest five-day slide since November. The Bloomberg Galaxy Crypto Index has slumped about 12 per cent, only the worst drop in four weeks.
“People thought at certain points in the last year or so that cryptocurrencies would become the flight to safety trade,” said Matt Maley, an equity strategist at Miller Tabak + Co. “The cryptocurrency is losing some of that luster of being considered a safe asset.”
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