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Sputtering Bitcoin Trails Stocks and Gold as the Trading Backdrop for Crypto Sours

  • The largest digital token has shed about 6% so far in May
  • Thinner market liquidity is among risks weighing on crypto
A Bitcoin ATM at a gas station in Washington, DC. 

A Bitcoin ATM at a gas station in Washington, DC. 

Photographer: Al Drago/Bloomberg

Bitcoin has flipped from leader to laggard on the global market scoreboard amid congestion on its blockchain and concern about ebbing liquidity in crypto markets.

The token has retreated about 6% so far in May, whereas Bloomberg gauges of global stocks, bonds and commodities have posted steadier performance while gold has jumped toward a record high.