Bitcoin prices fell as much as 17% on Monday, the biggest retreat since March, pulling back Sunday gains where it hit an all-time high of $34,000. Bitcoin has so far gained more than 300% over the past year.
- Bitcoin’s rally has fueled speculations among retail and institutional investors that it is emerging as the mainstream asset class and can act as a store of value.
- Believers in Bitcoin point to the market’s supply constraints and supposedly rampant money printing by central banks as key drivers of bullish momentum
- Bitcoin’s surge has also been linked to a bubble and crazy risk-taking in global markets.
Bitcoin is currently declining. BTCUSD is down 5.67%