Cryptocurrencies
Bitcoin Extends Losses as Powell Dents Inflation Hedge Appeal
- Largest token slips amid wider selloff in financial markets
- Crypto faithful still see role for Bitcoin as cash alternative
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Bitcoin’s appeal as a hedge against inflation is being put to the test, with the largest cryptocurrency slumping along with other risk assets after Jerome Powell failed to ease investor concern about rising price pressures.
The digital token fell as much as 6.7% and traded at about $47,900 as of 2:38 p.m. in New York, after the Federal Reserve chairman said he is monitoring financial conditions and would be “concerned” by disorderly markets, but stopped short of offering specific steps -- which sent Treasury yields higher and stocks lower.