Just under a month ago, cryptocurrency investors cheered as bitcoin hit a record of $US126,251. Today, the world’s most popular crypto faces a huge test as scarred traders remain on the sidelines following a brutal few weeks.
The violent reversal in sentiment began in early October when US President Donald Trump slapped an additional 100 per cent tariff on Chinese imports. That triggered the largest liquidation event in crypto history as $US19 billion ($29.3 billion) in leveraged positions was wiped out in less than 12 hours, an event from which confidence is yet to recover.
