Since November, the price of one bitcoin has now fallen more than 50 percent. On Friday it was trading around $30,000, after falling as low as $26,000 earlier in the week. The sell-off is tied in part to rising interest rates and inflation that sits at 40-year highs, which has sent the broader stock market reeling. But the extent of bitcoin’s decline may come as a shock — especially to some investors who bought bitcoin during its most recent price run-up. A host of online narratives had proclaimed bitcoin to be untethered to the traditional investment markets, and even to be a trustworthy hedge against the kind of inflation the U.S. and other parts of the world are now experiencing. Instead, bitcoin’s price trajectory looks more like those of volatile technology stocks . . .
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