‘People are chucking stuff like gold and Bitcoin’ as rising inflation leads investors to seek yield

Bitcoin’s escape from the trenches didn’t last long. The cryptocurrency fell more than 4% on Friday to $68,500, wiping out gains built over the past three months and casting doubt on whether its bear market was ever really over. The asset also faces weaker investor appetite, according to crypto analytics provider CryptoQuant. The firm’s demand indicator recorded its weakest reading since December 2023, while Bitcoin exchange-traded funds became net sellers again. The recent downturn has also extended to other parts of the crypto market. That includes Tether’s USDT, the largest cryptocurrency pegged to the U.S.