Cryptocurrencies
Bitcoin Declines to Lowest Level Since December’s Flash Crash
- The largest cryptocurrency by market value drops below $44,000
- Ether at lowest since October; DeFi tokens Uniswap, Aave slump
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Bitcoin slumped to the lowest level since its December flash crash as growing expectations of rising borrowing rates weigh on some of the best-performing assets of the past few years.
The largest cryptocurrency by market value dropped as low as $42,505 in early Asia trading Thursday. That pushed the price to the weakest since it touched $42,296 during a weekend crash at the start of last month. It rallied back to around $43,200 as of 7:30 a.m. in London. Bitcoin has surged by about 500% since the end of 2019 in the wake of stimulus measures put in place during the Covid-19 pandemic.