Bitcoin prices plunge amid market meltdown
Crypto Weekly: Family fortunes and GameStop’s pivot
GameStop’s crypto pivot GameStop shares were back in action as the company’s move to hoard bitcoin brought retail investors back to the meme stock.
Bitcoin prices fell below a key psychological threshold on Monday as a global financial markets sell-off intensified.
The cryptocurrency traded at $79,019 Monday mid-afternoon, down a little more than 2% and recovering some of its earlier losses. It is now down about 15% for the year so far.
Crypto prices surged after the November election. President Donald Trump pledged to cut some regulation and create a strategic bitcoin reserve.
While Bitcoin, and cryptocurrencies more broadly, were developed as an alternative to traditional asset classes, they tend to be traded in line with other “risk assets,” like riskier stocks.
Over the past week, the Nasdaq Composite index, which tracks technology and other growth stocks, is down about 9%.
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