Mutual Fund

Crypto losses near $700 billion in worst week since bubble burst

Bitcoin sank toward $4,000 and most of its peers tumbled on Friday, extending the Bloomberg Galaxy Crypto Index’s decline since November 16 to 23 per cent. That’s the worst weekly slump since crypto-mania peaked in early January. After an epic rally last year that exceeded many of history’s most notorious bubbles, cryptocurrencies have become mired in a nearly $700 billion rout that shows few signs of abating. If Bitcoin collapses, if we start to see a run down toward $3,000, this thing is going to be a monster. People will be running for the exits. Innes said his base-case forecast is for Bitcoin to trade between $3,500 and $6,500 in the short term, with the potential to fall to $2,500 by January.

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