Bitcoin’s swoon deepens as bears test $US40,000 threshold

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The largest cryptocurrency by market value approached $40,000 for the first time since late September, bringing its losses since a peak just three months ago to about 42 per cent.

while the excesses of the last few years get wrung from global markets.

Bloomberg Intelligence’s Mike McGlone said $US40,000 is an important technical support level for the digital token. Cryptocurrencies are a good barometer for the current reduction in risk appetite. “It is heart-pounding, nerve-racking for any investor that’s looking at it, especially if they come from a traditional equity market,” he said. But, he added, “this is completely normal for this asset class.”

 

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