Bitcoin plunges as ‘forced deleveraging’ accelerates

Bitcoin briefly tumbled below $US63,000 as negative momentum deepened across cryptocurrencies, driven by vanishing marginal demand and this week’s volatility in tech equities along with precious metals.

The token was 12.4 per cent lower to $US64,099 at 4.02pm in New York; it earlier fell to $US62,413. The rout has erased nearly half of bitcoin’s value since it reached a record four months ago and has spread to other tokens, related ETFs and companies like Strategy that hold vast sums of coins.

Bloomberg