Bitcoin, Ethereum and XRP Plunge In Steepest Drop Since May

Bitcoin slumped to a two-week low Tuesday and other digital tokens including Ethereum, Cardano and XRP all traded lower after the surprise recovery of Colonial Pipeline’s recent cyberattack ransom raised concerns about Bitcoin’s supposed gold-like infallibility. 

Bitcoin was down more than 9% at $33,140, extending losses endured Monday amid broader concerns about potentially tighter U.S. monetary policy. Ethereum was down more than 10%, while XRP was down more than 9%. Dogecoin was down 11.45%.

Investigators’ success in tracking down and seizing almost all the Bitcoin ransom paid to the perpetrators of the cyberattack on Colonial Pipeline last month raised fresh concerns that Bitcoin is not as secure and untouchable as believed or as advertised.

Bitcoin has still risen 14% this year but the token has plunged from a peak of almost $65,000 in mid-April, casting a pall over the cryptocurrency sector. The selloff was exacerbated by Tesla  (TSLA) – Get Report co-founder and billionaire Elon Musk’s public rebuke of the amount of energy used by the servers underpinning the token.