A plunge in Bitcoin on Wednesday saw the cryptocurrency wipe out almost all of the gains it had made in the early days of this year, bucking a long-lasting rally that has outpaced the global malaise in traditional assets.
The world's largest token fell as much as 9.2%, briefly falling below $41,000 just after 7 a.m. in New York, a day after the digital asset topped $45,000 at a 21-month high had. Wednesday's price swings are the biggest in more than two months. The volatility also spilled over into crypto-linked stocks, with shares of U.S. crypto exchange Coinbase Global Inc. falling as much as 8.1% before paring the decline.
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