Bitcoin extended losses below $18,000 after it breached a prior cycle’s all-time high for the first time in its history.
Bitcoin fell below a prior cycle’s all-time high for the first time ever today, breaching the $19,776 level.
Notably, Bitcoin has thus far existed in a period of growth of the Fed’s balance sheet. Since 2008, at the outset of the subprime crisis, the central bank began aggressively bloating its asset holdings. It remains to be seen what will happen with the P2P currency as the Fed tightens.
