Bitcoin swiftly lost altitude early on Monday, dropping over 15% to below to him “appetite for risk” is slowly fading, MarketWatch reported.
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Bitcoin investors: From buying a Bentley to losing it all
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Both currencies often move in tandem with bitcoin. Some investors viewed bitcoin as a hedge against inflation amid enormous monetary stimulus aimed at battling the economic devastation caused by COVID Market participants though warned a correction could be in the cards after a scorching rally.
Glassnode, which provides insight on blockchain data, noted that retail interest in bitcoin has increased the last few weeks, with the number of bitcoin addresses or wallets holding a "non-zero amount" of the virtual currency reaching an all-time high of more than 33 million.