Bitcoin takes beating to $42K level

Miami mayor: City’s adoption of cryptocurrency ‘has not failed’

Miami Mayor Francis Suarez responds to a Bloomberg report suggesting plans to invest city funds in Bitcoin failed in front of city commission.

Bitcoin fell below $43,000 on Thursday before bouncing back above that level. 

Traders reacted to the minutes from the Federal Reserve's last meeting, which showed policymakers may speed up interest rate hikes to combat inflation by selling risker assets, such as crypto and growth stocks. 

Bitcoin, which hit an all-time high in 2021 of $68,990, has dropped about 7% this year. 

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Ether, the world's second-largest cryptocurrency also fell, touching its lowest level since October, before bouncing back slightly to the $3,300 level.

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In other cryptocurrency news, the final week of 2021 saw a third straight week of investment outflows from cryptocurrency funds, even as it capped a year of strong inflows into digital asset investment products, data from digital currency manager CoinShares showed.

Outflows from the sector totaled $32 million last week, bringing the total over the last three weeks to $260 million, according to CoinShares and reported by Reuters.

For 2021 as a whole, inflows hit $9.3 billion, a 36% jump from 2020.

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Ether's inflows doubled to $1.3 billion in 2021 from $920 million in 2020. Bitcoin saw a 16% increase to $6.3 billion.

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