Cryptocurrency market capitalization drops below US$1 trillion. Read on
The largest digital token has shed more than 6 per cent so far this week and was trading at about US$18,750 as of 7:02 a.m. in New York.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
Surging real interest rates — seen as the true cost of borrowing — are heaping pressure on a range of risk assets and crypto is no exception. The retreat in Bitcoin is taking it closer to a nadir of about US$17,600 that was hit in June in the wake of blowups at crypto lenders and hedge funds. “The macro narrative is very hard to be able to let go and will drive risk assets,” Kevin Loo, head of investment insights at IDEG Asset Management Ltd., said on Bloomberg Television. “Bitcoin is below $20,000. We have been here before and it’s likely that we could actually go slightly lower.”Article content
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