Bitcoin takes a beating in the interest rate frenzy

The crypto case also comes after The Wall Street Journal reported that Elon Musk’s company Space X wrote down the value of and sold crypto assets.

Overnight on Friday, the largest cryptocurrency, bitcoin, was down to around $25,400. That compares to levels of $31,800 just a few weeks ago.

Just after 7 a.m. on Friday, bitcoin had recovered slightly to $26,370 – down 4.6 percent from the previous day.

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