INSUBCONTINENT EXCLUSIVE:
Bitcoin bounced off the lows of the day after falling as much as 6% to $39,774 in New York trading.Bitcoin dipped below $40,000 for the
first time since September, putting it on pace for its worst start to a year since the earliest days of the digital alternative to
loss this year to about 14%
The decline is the largest for a start of the year since at least 2012
financial crisis by an anonymous individual or group that went by Satoshi Nakamoto, has still gained almost 500% since the end of 2019
It first began trading in 2009 and pricing information from during the early days is limited.The Covid-19 pandemic helped Bitcoin break
further into the mainstream as institutions and retail investors got involved with the crypto market and its ancillary projects while
governments and central banks provided record amounts of stimulus
Cryptocurrencies are a good barometer for the current reduction in risk appetite
But he projects that Bitcoin will eventually come out ahead as the world increasingly goes digital and the coin becomes the benchmark
Riskier investments such as unprofitable tech, meme stocks and cryptocurrency are disproportionately affected relative to the rest of the
market since those investments are approximately twice as volatile as the overall market so have double the risk premium as the average
Trading, noted said Bitcoin's slump appears to be driven more so by short-term traders of the coin than long-term holders
