Investors step back from crypto currencies as risk aversion hits global markets
Cryptocurrencies reeled from a bout of risk aversion in global markets on Monday, at one point sending Bitcoin down more than 16 per cent and saddling second-ranked Ether with the steepest fall since 2021.
US exchange-traded funds for bitcoin suffered their largest outflows in about three months last Thursday. One question is whether the products will attract dip buyers when they resume trading, or witness a deeper efflux.Nursing home fees: can I claim tax relief on behalf of my dad? “Those investors are also fighting a drastic increase in hedging costs based on the volatility in the US dollar-Japanese yen trading pair,” Mr Hughes said.
The bitcoin retreat at its nadir Monday left the token at levels last seen in February. Ether, meanwhile, earlier fell back to prices previously seen at the turn of the year. Similar to bitcoin, one unknown is how investors in new US spot-ether ETFs will react. Khushboo Khullar, a venture partner at Lightning Ventures, which invests in bitcoin-linked companies, said the broad stock slump had caused some “panic,” spurring investors to rush for liquidity to settle margin calls. She argued the crypto retreat is a “fine buying opportunity.”
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