Wall Street is dumping bitcoin. Australians reckon ‘she’ll be right’

Detailed summary

A brief post-election rally has unravelled after US investors pulled billions of dollars last week, but local investors aren’t panicking yet.

A wave of selling has sent bitcoin tumbling to its lowest level in more than three months, erasing this year’s net inflows into US cryptocurrency funds and raising questions about whether the Donald Trump-fuelled digital asset boom has run its course.

The world’s largest cryptocurrency was trading at $US73,572.51 on Thursday, having fallen to $US72,695 earlier in the week after hot US inflation data that raised the prospect of higher interest rates and dented the appeal of risk assets such as crypto.

Opening of the article, excerpted from Australian Financial Review. To read the rest, open the article on the publisher's site.