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Bitcoin’s Swoon Deepens as Bears Begin to Test $40,000 Threshold

  • Crypto holders are already looking at losses of 12% this year
  • Blockforce says the slump is the start of a “bear market”
Key Speakers At Hong Kong Fintech Week
Photographer: Paul Yeung/Bloomberg

Bitcoin extended its slide into the weekend as the most speculative of assets continues to be hit the hardest while the excesses of the last few years get wrung from global markets. 

The largest cryptocurrency by market value approached $40,000 for the first time since late September, bringing its losses since a peak just three months ago to about 42%. Ether, the second-largest digital asset, also declined, while popular DeFi tokens such as Uniswap and Aave remained under pressure into the weekend.