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Showing Original Post only (View all)Bitcoin tumbles more than 50% below its all-time high as crypto plunges again [View all]
Source: CNN
The world's most valuable cryptocurrency was down 5% Monday after plunging again over the weekend. Bitcoin prices have now plummeted nearly 15% in the past week. At a price of just above $32,000, bitcoin is more than 50% below its record high of near $69,000 from late last year and at its lowest point since July 2021.
Other cryptocurrencies, sometimes referred to as altcoins, have been hit hard too. Ethereum, binance, solana and cardano are all down about 15% in the past week, while Elon Musk's beloved dogecoin has tumbled 10%.
Cryptocurrencies are proving to be just as risky as stocks and susceptible to the same concerns that are dragging down the Dow, S&P 500 and Nasdaq.
"Volatile trading in digital assets has not been that unusual in previous years," said Michael Kamerman, CEO of trading platform Skilling. "Cryptocurrencies are increasingly moving in sync with tech stocks with investors treating both as risk assets and often retreating to safer corners of the market during bouts of market volatility."
Read more: https://www.cnn.com/2022/05/09/investing/bitcoin-price-cryptocurrencies-stock/index.html
Can anyone explain why bitcoin is something other than a scheme for money laundering and hiding online purchases?