The price of one Bitcoin fell by R170 453.41 to R673 604.43, after it peaked at R844 057.84 last week.
“Risk-on assets are taking a hit at the moment — we’re seeing stocks slide and crypto is following,” said Vijay Ayyar, head of Asia Pacific for cryptocurrency exchange Luno in Singapore. “The dollar is strengthening, which is a good indication to expect a slide in Bitcoin and crypto.”
Heavy selling in the Grayscale Bitcoin Trust, the world’s largest such fund, as well as the expiry of Bitcoin options are also contributing to the volatility, Ayyar said.
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Tags: Cryptocurrency