Bitcoin is falling toward levels last seen in July 2021, part of a wider retreat in cryptocurrencies amid a global flight from riskier investments.
The world’s largest digital token dropped as much as 2.7% on Monday and was trading at $33,568 as of 8.44am in London. The second biggest, Ether, shed as much 4.6%. Most of the major virtual coins were under pressure over the weekend and the downbeat mood carried over into Monday. Equities in and Europe also dropped, with Hong Kong’s benchmark index slumping 3.8%.
Tightening monetary policy to combat runaway inflation and ebbing liquidity are turning investors away from speculative assets across global markets. Adding to the caution around digital assets, the value of TerraUSD or UST, an algorithmic stablecoin that aims to maintain a one-to-one peg to the dollar, slid below $1 over the weekend before…
