Bitcoin’s rocky weekend marked one of the first times a storm in traditional financial assets triggered big waves in cryptocurrencies, underscoring how large investors are playing an increasing role in digital asset markets.
The price of the biggest cryptocurrency by market value tumbled $10,000 in just 60 minutes in the early hours of the London morning on Saturday to hit $42,222, according to the FT Wilshire blended bitcoin price index that tracks trading on leading crypto exchanges.
The 20 per cent flash fall came just hours after the close of a volatile week on Wall Street, in which stocks and bonds moved sharply in response to potential shifts in monetary policy and the spread of the new strain of coronavirus.
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