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Amid risk aversion in equities, Bitcoin plunges to lowest level since Aug

The largest cryptocurrency dropped as much as 7.4% to $38,261, while second-ranked Ether slid below $3,000.

Photo: Bloomberg
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Photo: Bloomberg

Joanna Ossinger | Bloomberg
Cryptocurrencies sank Friday, taking Bitcoin to the lowest level in more than five months as risk aversion again swept across global markets.

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 and the broader crypto market remain subject to the whims of macro variables,” Fundstrat Digital Asset Research strategists Sean Farrell and Will McEvoy wrote in a note.

Virtual coins have become emblematic of a retreat in speculative investments sparked by the prospect of

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First Published: Jan 21 2022 | 2:25 PM IST

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