Bitcoin’s 2021 returns are starting to lag behind conventional investments

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Bitcoin returns are lagging behind the conventional investments as cryptocurrencies are struggling to regain their positions after going through a rout in the of may. The largest token of bitcoin fell down by 6 percent in the asian trading tuesday, and was at the lowest i.e.$33,000 in hong kong.
The bloomberg galaxy crypto Index fell down by 10 percent. Bitcoin is still up 14% this year, but it lags behind commodities and other European and Asian stock indices. The proximate reason for Tuesday’s downturn was unknown; one explanation was that the United States’ recovery of a high-profile Bitcoin ransom demonstrated the currency isn’t as far from governmental control as its largest proponents claimed.
Last month, the United States recovered nearly all of the Bitcoin ransom paid to the perpetrators of a cyber assault on Colonial Pipeline Co., demonstrating that law enforcement can track down online criminals even when they operate outside of the country’s boundaries.
Bitcoin has plummeted from a high of about $65,000 in mid-April, putting a damper on the cryptocurrency market. The selloff was accelerated by billionaire Elon Musk’s public rebuke of the amount of energy consumed by the token’s servers. The atmosphere was also sullied by China’s strict regulatory supervision.

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