Bitcoin price slump follows upswing

Recent volatile price swings show the continuing boom and bust nature of Bitcoin. (Image: Bloomberg)

Thu, 07 Mar 2024

By Muyao Shen and David PanFor a brief moment, nearly everyone who invested in Bitcoin was profitable. Now, with the cryptocurrency retreating from its still-fresh record high, all are left to wonder how long they’ll be caught up in the “sell-the-news” trade that has followed. The original digital asset tumbled as much as 14% after hitting an all-time high of US$69,191 (NZ$113,920) on Tuesday. More than US$800 million worth of bullish positions have already been liquidated in the perpetual futures market with prices rever...

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