Bitcoin Retraces 3 Weeks of Gains

The largest cryptocurrency by market capitalization is now trading at about $21,340. Two analysts with whom CoinDesk spoke said investor concerns about inflation and the likelihood of continued monetary hawkishness by the U.S. Federal Reserve had spurred the decline in crypto prices and other riskier assets. The tech-heavy Nasdaq index, whose fluctuations have largely correlated with bitcoin this year, recently fell over 2%. The S&P 500, which has a strong tech component, was down about 1.2%.