Bitcoin tumbles 20% in worst crash since March

The week is off to a bearish start for cryptocurrency as the price of Bitcoin fell nearly $10,000 from its Friday high of nearly $42,000, temporarily ending an unprecedented rally.

On Monday morning, Bitcoin was trading under $33,000—a more than 20% drop from its recent high—while some other cryptocurrencies fell even further.

The fall in crypto value comes amid a broader retreat on Monday for stocks, and a resurgence in the U.S. dollar.

While Bitcoin’s latest price tumble is dramatic in percentage terms, it is well shy of the wipeout that occurred last spring at the outset of the pandemic. In March, the digital currency fell nearly 60% to a low of around $3,800.

This week’s price collapse is also just the latest in Bitcoin’s long history of crashes, which have defined the currency since it launched in 2009. Other notable setbacks include a fall from $29 to $2 … Read More

Korea’s Shinhan Bank makes strategic investment in crypto custody consortium By Cointelegraph

Korea’s Shinhan Bank makes strategic investment in crypto custody consortium

Shinhan Bank, the oldest banking institution in South Korea, continues its efforts to introduce digital-asset custody services with a new investment.

According to a Thursday report by news agency Yonhap, Shinhan Bank has invested in Korea Digital Asset Trust, or KDAC, an industry consortium of businesses that provide digital-asset custody. The initiative was launched by Korbit in collaboration with blockchain startup Blocko and digital-asset research company Fair Square Lab.

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