Bitcoin price crashes to lowest level since December flash crash – The National

Bitcoin price crashes to lowest level since December flash crash – The National

Bitcoin has slumped to the lowest level since its December flash crash, as growing expectations of rising borrowing rates weighs on some of the best performing assets over the past few years.

The largest cryptocurrency by market value dropped to as low as $42,505 in early Asia trading on Thursday. That pushed the price to the lowest since it touched $42,296 during a weekend crash at the start of last month. Bitcoin has surged by about 500 per cent since the end of 2019, after stimulus measures put in place during the Covid-19 pandemic.

Other cryptocurrencies tumbled as well. Ether, the number two by market value, took out its own flash-crash bottom to reach prices not seen since October 13, and Binance Coin dropped to October levels as well. Tokens of popular DeFi applications, including Uniswap and Aave, declined.