(Bloomberg) -- Bitcoin steadied after sinking the most in more than a year, part of a wider tumble in cryptocurrency markets as escalating geopolitical...
-- Bitcoin steadied after sinking the most in more than a year, part of a wider tumble in cryptocurrency markets as escalating geopolitical tension in the Middle East spurred risk aversion.The largest cryptocurrency slid 7.7% on Saturday, the biggest such retreat since March 2023. The token pared some of the drop to change hands at about $63,700 as of 6:35 a.m. in Singapore on Sunday. Most other major coins such as Ether, Solana and meme-crowd favorite Dogecoin nursed 24-hour losses.
Leverage “has gotten completely overwhelmed in the last three days, so that’s caused prices to materially deteriorate” in digital assets, said Ebtikar.Bitcoin is down about $10,000 from a mid-March record of $73,798. Demand for dedicated US exchange-traded funds that debuted in January helped the token reach an all-time high but net inflows into the products have moderated lately.
-Citigroup's first-quarter profit fell 27% as the bank took charges related to its reorganization, although it beat expectations as revenues grew in key divisions. Citi's net income fell to $3.4 billion, or $1.58 per share, in the three months ended March 31, the bank said on Friday, above Wall Street expectations, according to LSEG data.
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