By James Rubin
Bitcoin tumbled below $16,900 at one point before recovering to recently trade at about $17,235, up slightly over the past 24 hours. BTC has spent much of the past two weeks clinging to support above $17,000 and seems likely to continue its tenacious ways for at least another day when the Bureau of Labor Statistics announces November's Consumer Price Index report.
"It's a strong risk-off environment, not just in crypto but across every industry and in every country around the world," Hany Rashwan, CEO of 21.co, the parent company of crypto exchange-trading fund firm 21 Shares, told CoinDesk TV's"First Mover" program."The easiest way of thinking about this is [in] the last 10 years money has been cheaper to acquire, to borrow.
Ether followed a similar pattern to bitcoin, falling earlier in the day before rebounding. The second-largest crypto by market value was recently changing hands at about $1,275, a small gain from Sunday, same time. Most other major cryptos were in the green, with MATIC, the token of layer 2 platform Polygon, and SUSHI, the token of the Sushiswap decentralized exchange, recently rising about 2% and 1%, respectively.U.S.