Bitcoin Extends Decline After Biggest Slump Since Pandemic Hit
- Profit-taking, worries of potential tighter rules sink coin
- Volatility has raised fresh doubts about durability of boom
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Bitcoin and many of its major peers slumped on Friday in the wake of some of the biggest declines since the onset of the pandemic, a selloff that has stirred fresh doubt about this year’s craze for cryptocurrencies.
The most-traded digital coin slid 3.1% to $16,522.61 at 11:05 a.m. in New York. The Bloomberg Galaxy Crypto Index extended a two-day plunge to about 19% -- its biggest since mid-March. The rout was kicked off by worries over the prospect of tighter crypto rules in the U.S. and profit-taking after a big rally, investors said. Even with the slump, Bitcoin has more than doubled this year -- an advance that has split opinion.