After high, Bitcoin’s retreat continues

Bitcoin dropped 5.84% to $43,418.02 on Sunday, losing $2,691.96 from its previous close. Bitcoin, the world’s biggest and best-known cryptocurrency, has fallen 25.6% from the year’s high of $58,354.14 on February 21. Bitcoin’s price soared this year as major firms including BNY Mellon, asset manager Blackrock Inc, and credit card giant Mastercard Inc backed cryptocurrencies, while others such as Tesla Inc Square Inc and Microstrategy Inc invested in Bitcoin. Its weakness in the face of market gyrations raises questions about its efficacy as a store of value and hedge against inflation, a key argument among proponents of its stunning rally over the past year. Detractors have maintained the digital asset’s surge is a speculative bubble and it’s destined for a repeat of the 2017 boom and bust.