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Bitcoin
BTCUSD,
was about 2.2% lower on Monday, but was still outperforming the Nasdaq Composite on Monday as riskier assets plunged.
The largest cryptocurrency was down 2.2% over the past 24 hours to around $21,011 on Monday, according to CoinDesk data. That compares with the Dow Jones Industrial Average
DJIA,
which plunged about 656 points, or about 2% to around 33,047, according to FactSet data. The tech-heavy Nasdaq Composite
COMP,
dropped 332 points, or 2.6% to about 12,372.
“Normally on a day like today, Bitcoin’s percentage loss would easily exceed the weakness hitting the S&P 500 index,” Edward Moya, senior market analyst at Oanda, said in emailed commentary. “Bitcoin may have some defending the $20,000 level, but it may be tough for that level to hold if king dollar continues to appreciate leading up to Fed Chair Powell’s speech at the Jackson Hole Symposium.”
Stock indexes tanked while 10-year Treasury yields spiked after more Federal Reserve officials reiterated their determination to bring inflation down while investors await the central bank’s Jerome Powell to speak at the annual Jackson Hole Symposium on Friday.
The 2-year Treasury yield
TMUBMUSD02Y,
on Monday moved up, close to its highest level in a decade.
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