On a day when investors needed a place to hide, one alternative area of the market wasn’t providing any refuge: Bitcoin.
The world’s largest cryptocurrency had its worst day in more than two months, slumping almost 8% to about $54,350 as of Friday afternoon amid a rout in world stock markets on the emergence of a potentially dangerous coronavirus variant. The drop undercut the argument of Bitcoin proponents who see potential in the token as a hedge against turmoil in more traditional risk markets despite its own history of big swings and speculative frenzy.
