A strong jolt of volatility in cryptocurrencies has dulled hopes that large pension funds and traditional investors will pile into bitcoin anytime soon as a pick-up in institutional interest remains dominated by speculators.
Bitcoin, the most actively-traded cryptocurrency, has endured its worst bout of tumult since the global market ructions in March. At one point on Monday, it traded $10,000 below the peak of almost $42,000 it reached just days earlier before recovering to roughly $35,000.
The ructions come after a banner year in which bitcoin was among the world’s top-performing assets. The digital currency’s dazzling run prompted concerns about a potential bubble brewing, but also piqued the interest of hedge funds and private investors.
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