Bitcoin Records Worst Weekly Performance In A Year

The world's largest cryptocurrency seems to have hit a roadblock this week as the price came crumbling to its worst weekly selloff in the last year.

In what seemed to be a sudden loss of investor interest in risky assets like cryptocurrency, a large selloff was recorded in less than 24 hours, with the cryptocurrency market losing a staggering $120 billion collectively today. Moreover, there has been wider chaos in global markets, as a surge in bond yields is heralding expectations that growth and inflation are moving higher and forcing traders to reevaluate their positions across multiple asset classes.

READ MORE: Bitcoin Tumbles Further After Yellen's Warning Comment

Bitcoin, the poster child of the cryptocurrency market, fell as much as 11 percent today to $44,454 (N21,115,650) briefly after recovery hopes that saw the digital asset trading around $50,000 (N23,750,000), according to data from coinmarketcap.com. Just last weekend, the token reached a new all-time record of $58,332 (N27,707,700) but has quickly given back those gains in a volatile swing.

Ethereum, the second-in-line, has also given away its gains of last week as it went down by a shocking 13 percent today to $1,408 (N668,325) after tagging along with bitcoin last weekend to reach its all-time record of $2,036 (N967,100).

However, it is worthy of note that despite losing about $13,000 this week, bitcoin is still up 55% year-to-date, and ether is still up 98% despite a $700 loss in current value.