Cryptocurrencies sank January 21, taking Bitcoin to the lowest level in more than five months as risk aversion again swept across global markets, Report informs referring to Bloomberg.
The largest cryptocurrency dropped as much as 7.4% to $38,261, while second-ranked Ether slid below $3,000. Digital tokens overall have shed some $1 trillion in value since a November peak, according to CoinMarketCap data.
Bitcoin has soared in the past several years, partially on controversial narratives around institutional adoption and its possible role as a portfolio hedge. Its gyrations during a volatile time for global markets have undercut some of those claims.
Bitcoin is up more than fourfold in the past two years but has shed about $30,000 since reaching a record high in November of almost $69,000.