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Bitcoin Rally Falters as Inflation Fears Weigh on Crypto Assets

  • Largest token briefly closed in on $21,000 before falling back
  • El Salvador’s president said the nation bought 80 Bitcoins
A cryptocurrency automated teller machine (ATM) kiosk in Antwerp.

A cryptocurrency automated teller machine (ATM) kiosk in Antwerp.

Photographer: Valeria Mongelli/Bloomberg
Updated on

Bitcoin, fresh off its biggest-ever monthly decline, whipsawed traders with wild swings on Friday as digital assets struggle to regain their footing.   

The largest token rallied as much as 11.3% in Asia on Friday, briefly closing in on the $21,000 level. Bitcoin then quickly gave up most of those gains, trading around $19,400 at 11:30 a.m. in London. June’s 41% drop was the steepest in Bloomberg data going back to 2010.