Bitcoin Dips Below $79,000 as Inflation Fears Hit Risk Assets

A selloff in risker assets like stocks swept up cryptocurrencies as concerns over inflation and high oil prices rattle jittery investors.

Bitcoin, the largest digital token, fell as much as 3.4% on Friday to around $78,600, its lowest in two weeks. It’s on pace for its first down week since the end of March. Other coins were also hit, with Ether losing nearly 4% at one point to drop to $2,200. The crypto declines came in tandem with drops in stock and bond markets.