Source: Economic Times India
By Eric LamBitcoin extended a drop amid a wider retreat in assets that had earlier ridden a wave of stimulus-infused optimism among retail traders.The largest cryptocurrency slid as much as 4.7% to a two-week low and was at about $52,250 as of 12:48 p.m. in Hong Kong. The token is mired in its longest losing streak since December. The wider Bloomberg Galaxy Crypto Index is also struggling.Speculation is growing that more of the latest stimulus checks in the U.S. will be spent in the real economy rather than markets as vaccinations help to return life to something more like normal. The number of call options traded in the U.S. has slipped from the records earlier this year and high-profile investments like GameStop Corp. and the ARK Innovation ETF are sliding.A general Bitcoin downtrend is being “exacerbated by the move to value in general across asset classes” and away from areas like technology, said Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore. The upcoming expiry of derivative contracts is adding to the volatility, he said.Bitcoin is down about 15% from a record of $61,742 earlier in March, but remains 700% higher over the past year.