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Bitcoin falls over 6 percent to lowest in two weeks

Business News of Friday, 26 February 2021

Source: reuters.com

Bitcoin fell as much as 6% on Friday to its lowest in two weeks Bitcoin fell as much as 6% on Friday to its lowest in two weeks

Bitcoin fell as much as 6% on Friday to its lowest in two weeks, as a rout in global bond markets sent yields flying and sparked a sell-off in riskier assets.

The world’s biggest cryptocurrency slumped as low as $44,451 before recovering some of its losses. It was last trading down 1.3% at $46,588.

The sell-off echoed that in equity markets, where European stocks tumbled as much as 1.5%, with concerns over lofty valuations also hammering demand. Asian stocks fell by the most in nine months.

Bitcoin has risen about 60% from the start of the year, hitting an all-time high of $58,354 this month as mainstream companies such as Tesla Inc and Mastercard Inc embraced cryptocurrencies.

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