As of 8:30 AEST, Bitcoin had softened to $21,000, down from last week’s rally price of $24,900.
Peters said that crypto’s largest coin also suffered a “double whammy effect” from liquidations on long positions in the futures market.
Despite the hype of proponents, Bitcoin has turned out not to be a well-performing asset when inflation pressures mount and interest rates soar.
Bitcoin prices have plunged by more than half this year, but there has been a solid rally over the last month.
Prices stabilized around $23,000 to $24,000, after falling below $20,000 in June.
“While last week’s pullback will no doubt be frustrating for investors, there is a lot of activity going on in the cryptosphere,” said Peters.
Alphabet outperformed BlackRock, Morgan Stanley and Samsung, which between them invested about $4.3 billion in projects, according to the report.
Peters said the report showed that despite recent price volatility, cryptocurrencies are here to stay.
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