Summary
- The flagship cryptocurrency continued to crater on Thursday, breaking through several key levels and crashing through $61,000 later in the day.
- Bitcoin is down by nearly 30% this week alone.
- This decline in cryptocurrency is happening alongside a sharp sell-off in U.S. tech stocks.
Cheng Xin | Getty Images
Bitcoin briefly sank below $61,000 on Thursday evening as investor confidence continued to falter in the asset once hailed as “digital gold” and a unique store of value.
At one point, the token slid to $60,062.00, as the crypto sell-off intensified in overnight trading. Bitcoin was last down about 15% at 7:37 p.m. ET, trading at $62,448.00.
Digital assets, including bitcoin, have fallen deeper into the red as investors re-assess the practical utility of a token that has been championed not only as a hedge against inflation and macroeconomic uncertainties but also as an alternative to fiat currencies and traditional safe-havens such as gold.
That hasn’t panned out lately, since bitcoin peaked just north of $126,000 in early October.
The cryptocurrency broke below the key level of $70,000 earlier in the session Thursday and then the selling increased, bringing the asset closer in line with its pre-election level. The cryptocurrency is down almost 30% this week alone.
CNBC
