Cryptocurrencies
Bitcoin Declines as Risk Correlation Eases After Recent Rally
- Largest cryptocurrency has gained almost 40% this year
- Cryptocurrencies tumbled in 2022 as investors grew risk averse
This article is for subscribers only.
Bitcoin and most other major cryptocurrencies were trading lower, bucking the recent trend of outperforming traditional risk assets such as US stocks during this year’s rebound in prices.
The largest digital currency by market value fell as much as 3.1% and was trading at about $23,065 as of 4:07 p.m. in New York. A range of coins including Ether were also in the red, though an index of the 100 biggest coins showed gains, rising about 2%. The Nasdaq 100 Index rose 2%.