Bitcoin retreats from record high as ‘bubble’ talk grows louder
HONG KONG: Bitcoin retreated from its latest record high amid an intensifying debate about whether the latest bull run in cryptocurrencies is evidence of speculative froth in global markets.
The largest digital asset dropped about 3% to US$68,631 in early trading after setting an all-time peak of almost US$73,798 a day earlier.
Both Bitcoin and a gauge of the top 100 tokens, which includes the likes of Ether, BNB and Solana, are up roughly 60% so far this year.
Bets on looser Federal Reserve monetary policy have helped to drive powerful rallies in global stocks, bonds and crypto in the past few months, but investors are reassessing such wagers following recent evidence of persistent inflationary pressure in the US.
In a Bloomberg Television interview, Bank of America Corp chief investment strategist Michael Hartnett said…
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