Bitcoin Crashes as Halving Hype Loses Impetus Over the Weekend
- Coins awarded for processing transactions set to drop
- Paul Tudor Jones reiterates inflation-hedge appeal of crypto
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Bitcoin appears to be running out of steam just before one of the most anticipated milestones among cryptocurrency enthusiasts.
The largest digital token tumbled over the weekend, declining about 13% to around $8,675. It rebounded to about $8,840 as of 10 a.m. in New York trading on Monday. The decline took place ahead of a closely watched technical event known as its halving, when the rewards miners receive for processing transactions will be cut in half as soon as later today.