Bitcoin Is Falling Back as Crypto’s Rally Faces a Test. Why It Could Get Ugly.



Bitcoin


and other cryptocurrencies were lower Thursday, falling in step with the stock market as investors worry over the prospect of a recession. The big rally in digital assets across the last week—which had little fundamental support—will now be tested.

The price of Bitcoin has dropped 2% over the past 24 hours to below $20,800. The largest crypto had closed in on $21,500 at the peak of recent trading, the zenith of an eye-popping rally that carried Bitcoin more than 20% higher in a matter of days to levels not seen since influential trading platform FTX collapsed in November.