Bitcoin, the most valuable digital asset, continued its slide Saturday. It has lost more than half of its record-breaking November high and is now down over 50%.
Bitcoin’s drop since the record was broken has resulted in a loss of more than $600billion in market value and an aggregate loss of $1 trillion. According to Bespoke Investment Group, there has been a much greater percentage drawdown for Bitcoin than for the aggregate market.
However, this is the second-largest dollar decline for either Bitcoin or the aggregate market.
The Fed’s plans to rock both stocks and cryptocurrencies has created a dominant theme in the space of digital assets: Cryptos have been twisted and turned almost exactly in the same manner as equities.
Bitcoin dropped 8.71% to $35,491 on Saturday 11:00 am (GMT)
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