Bitcoin Rout Picks Up Steam as Investors Fret Over a New 'Crypto Winter' [View all]

The rout in cryptocurrency is intensifying.

Bitcoin tumbled more than 6% on Monday, its biggest one-day drop since March. The world’s largest digital currency traded at $85,468 as of 4 p.m. Eastern time in New York, and is down more than 30% from a peak above $126,000 set in early October. The selloff has spilled into other digital coins, including ether and solana, and pulled down stocks tied to the crypto market such as exchange operator Coinbase Global and Strategy, Michael Saylor’s bitcoin-accumulation company.

Bitcoin and other digital tokens have been caught up in a broader decline afflicting riskier trades across all markets. Unprofitable technology businesses, speculative shell companies and meme stocks have all fallen out of favor in recent months. Investors are dialing down their risk exposure as they turn more pessimistic about the market and the economy, said Patrick Horsman, chief investment officer at crypto-treasury firm BNB Plus.

”I think we could see bitcoin get all the way back to $60,000,” Horsman said of bitcoin. “We don’t think the pain is over.

https://www.msn.com/en-us/money/markets/bitcoin-rout-picks-up-steam-as-investors-fret-over-a-new-crypto-winter/ar-AA1Rw9JE