Cryptocurrencies
Bitcoin Takes a Pause From Sharp Recovery Rally as Bulls Regroup
- The entire risk-assets selloff was way overdone, says Dorman
- As Bitcoin goes up, many will chase the market higher: Davies
Photographer: Angel Garcia/Bloomberg
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Bitcoin is taking a pause following a sharp rise in recent days that saw it reach its highest levels of the year.
The largest cryptocurrency fell as much as 2.2% on Tuesday to trade around $46,908, its first down day in six. The drop follows a break-neck surge of roughly 20% since mid-March, which had helped it wipe out all 2022 losses and accumulate gains of roughly 2% for the year. And Tuesday’s downturn comes as U.S. stocks -- which crypto markets have largely moved in tandem with all year -- gained amid optimism for progress in talks between Russia and Ukraine.