Bitcoin again took a tumble on Monday after a weekend rout that took out more than a fifth of the token’s value at one point in a tumultuous period that saw more than $400 billion getting wiped off crypto markets.
Currently hovering at around $48,373, Bitcoin futures are back where they were during early October. The digital currency had hit $69,000—an all-time high after a surge in November. Traders claimed the recent decline was the result of investors moving funds away from riskier assets into more traditional bets after news of the Omicron variant of the CCP (Chinese Communist Party) virus as well as the Fed’s impending tightening of the monetary policy.
