Bitcoin slumped to a two-week low, with analysts pointing to a technical breakdown as well as the recovery of Colonial Pipeline Co.’s ransom as evidence that crypto isn’t beyond government control.
The largest token tumbled as much as 9.9% to $31,036 in New York trading. The wider Bloomberg Galaxy Crypto Index fell as much as 15%, with altcoins such as Ether, Litecoin and EOS dropping more.