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Bitcoin now faces what may well be the biggest challenge in its history.
Bitcoin prices have fallen from a peak of more than $126,000 in October to under $64,000 as of Thursday afternoon.
The price of bitcoin fell more than 10% on Thursday.
“We see few bullish indicators that suggest we may be approaching the bottom,” Jefferies analyst Andrew Moss says.
The selloff reflects bitcoin’s built-in volatility and market misreads of Fed policy, not structural weakness, aruged Bode.
Bitcoin's slump alongside other digital asset prices coincides with investor concerns about inflated tech valuations.
The price of bitcoin fell about 10% over the past week.
Bitcoin nearly grazed $60,000 on Thursday as investors shied away from the asset due to growing concerns over its utility.