Crypto Crumbles – Bitcoin’s 2023 Rally Frays During Brief 7.5% Drop Toward $40,000
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Bitcoin delivered another bout of its notorious volatility in a brief but sharp tumble toward $40,000 amid a broader crypto selloff.The largest token sank as much as 7.5% to $40,521 before paring some of the losses to trade 3.6% lower at $42,245 as of 7:15 a.m. Monday in London. Smaller tokens like Ether, XRP, Polkadot and Cardano also fell. An index of the largest 100 digital assets shed about 4%, the largest drop since Nov. 22. Bitcoin has been on a tear this year on expectations that regulators will give the green light for the first US exchange-traded funds investing directly in the token, widening the potential base of crypto investors. Bets that the Federal Reserve will cut interest rates in 2024 have also encouraged the rally both in Bitcoin and virtual currencies as a who...