Bitcoin price tumbles and ‘no signs of a decisive reversal in sight,’ hedge fund risk manager says
- Date: 08-Jan-2022
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
Bitcoin price tumbles and ‘no signs of a decisive reversal in sight,’ hedge fund risk manager says
Crypto investors have cashed out over $135 billion from the asset class so far in 2022, according to Coinmarketcap market cap data, and bitcoin (BTC-USD) is down around 7% year-to-date and hovering around $43,000 as of Thursday at 10 AM ET.
"There are no signs of a decisive reversal in sight," Mikkel Morch, executive director at digital assets hedge fund Ark36, told Yahoo Finance when asked about the largest cryptocurrency's recent price action relative to its drawdown over the past two months.
Bitcoin and other cryptocurrencies began tumbling after the publication of notes from the Federal Reserve's December meeting. Following the broader stock market down, especially technology growth stocks captured on the Nasdaq-100 (NDX).