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Bitcoin Slips in Another Sign That Retail Trader Mania Is Fading

  • Token tests 50-day moving average near $50,000 price level
  • Expiry of derivative contracts seen adding to volatility
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Bitcoin Failed the Test on Being a Real Currency: BIS
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Bitcoin fell amid a wider retreat in assets that had earlier ridden a wave of stimulus-infused optimism among retail traders.

The largest cryptocurrency fell as much as 6.7% to $50,440, as of 11:55 a.m. in New York. The token, down for the fifth straight day, is mired in its longest losing streak since December. The wider Bloomberg Galaxy Crypto Index is also struggling.