Bitcoin takes big plunge this year after reaching record highs in 2021

Bitcoin's slide continued on Thursday as investors fled risky assets amid the prospect of tougher U.S. 

The price of bitcoin, which sank as low as US$25,424 overnight Wednesday-Thursday, rallied to US$27,645 around 6:20 a.m. 

Quebec time, down 30% month-on-month and at levels more seen since December 2020. 

The crypto carnage continues for another day,” summarizes Fawad Razaqzada, analyst at StoneX.com 

Bitcoin is down 60% since its all-time high last November, and the entire cryptocurrency market is now over US$1,200 billion 

Between the war in Ukraine and the spread of COVID-19 in China, global activity is slowing as inflation forces the US Federal Reserve (Fed) to raise rates, 

This macroeconomic backdrop “sent shockwaves through the tech sector that dragged cryptos down with it 

confirming that bitcoin and the like aren’t really used to fight inflation