The cryptocurrency has shed about 4% in the past two days following a near 16% plunge in April, the worst monthly drop since Sam Bankman-Fried’s FTX digital-asset empire imploded in November 2022.
Bitcoin’s tumble is piquing the interest of investors who view pronounced swings in the digital token as a possible precursor for broader changes in risk appetite in global markets.
“Bitcoin is our favourite canary,” ByteTree Asset Management Chief Investment Officer Charlie Morris wrote in a note. “It is warning of trouble ahead in financial markets, but we can be confident it’ll bounce back at some point.”The largest digital asset hit a record high of almost $74 000 in mid-March, buoyed by a flood of inflows into debut US spot-Bitcoin exchange-traded funds from the likes of BlackRock and Fidelity Investments.
Bitcoin posted four April declines over the past decade, three of which presaged May losses that averaged 18%, according to data compiled by Bloomberg. ADVERTISEMENT CONTINUE READING BELOW Still, if inflation pressures relent and markets revive bets on a much looser Fed stance, crypto and other speculative investments could find some relief.
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