Bitcoin Tumbles As Analysts Point At Looming Technical Breakdown

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Bitcoin slumped to a two-week low, with analysts pointing to a technical breakdown as well as the recovery of Colonial Pipeline Co.’s ransom as evidence that crypto isn’t beyond government control. The largest token tumbled as much as 9.9% to $31,036, though it recouped some of those losses to trade around $32,363 as of 2:31 p.m. in New York. The Bloomberg Galaxy Crypto Index fell as much as 15% before also paring losses by mid-afternoon. Altcoins such as Ether, Litecoin and EOS also dropped.

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