Bitcoin Trust Plunges as Cryptocurrency Slides Below $16,000
- Structured note has drawn scrutiny as price exceeds assets
- Three-day slide tops 40 percent; bitcoin down 16 percent
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Bitcoin’s worst three-day slide in more than a month is spilling over to the structured note that tracks its price.
Shares in Bitcoin Investment Trust have tumbled 41 percent since Monday, more than double the drop in the cryptocurrency. The publicly traded vehicle’s price exceeded the value of the bitcoin it holds by almost 100 percent three days ago. The gap now stands at 53 percent.