Bitcoin falls to lowest level in a month

Bitcoin plunged as much as 17 per cent to its lowest level in a month as El Salvador’s crypto rollout appeared to be faltering.

The largest cryptocurrency fell as low as $43,050 in New York Tuesday, tumbling more than 10 per cent in the course of an hour after it had broken above the closely watched $50,000 (Dh183,650) level. The Bloomberg Galaxy Crypto Index, which tracks some of the largest digital tokens, lost as much as 19 per cent.

“Mystery sell-offs, or sell-offs where a legitimate reason is only found a significant while later are much more common in crypto than in other asset classes,” said Stephane Ouellette, chief executive and co-founder of FRNT Financial. “The market remains far more opaque and global than most if not all other notable asset classes.”