Bitcoin’s swoon deepens as bears begin to test US$40,000 threshold

FILE PHOTO: A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken June 14, 2021. REUTERS/Edgar Su/Illustration/File Photo

NEW YORK: Bitcoin extended its slide as the most speculative of assets continues to be hit the hardest while the excesses of the last few years get wrung from global markets.

The largest cryptocurrency by market value approached US$40,000 (RM168,400) for the first time since late September, bringing its losses since a peak just three months ago to about 42%. Ether, the second-largest digital asset, also declined, while popular DeFi tokens such as uniswap and aave remained under pressure into the weekend.