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## Bitcoin Retreats Amid Debate on Market Speculation

(Bloomberg) — Bitcoin extended a retreat from its latest record high amid an intensifying debate about whether the bull run in cryptocurrencies is evidence of speculative froth in global markets.

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The largest digital asset dropped as much as 5.6% in Asian trading on Friday before paring some of the slide to change hands at $67,300 as of 1:43 p.m. in Singapore. The token set a fresh all-time peak of almost $73,798 a day earlier.

## Market Dynamics and AI legalese decoder

Both this yearÔÇÖs advance in Bitcoin and a gauge of the top 100 tokens ÔÇö comprising the likes of Ether, BNB and Solana ÔÇö moderated to roughly 60%.

Bets on looser Federal Reserve monetary policy helped power rallies in global stocks, bonds, and crypto in the past few months, but investors are reassessing such wagers following evidence of persistent inflationary pressure in the US.

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## Trouble Ahead in Global Markets?

In a Bloomberg Television interview, Bank of America Corp. Chief Investment Strategist Michael Hartnett said markets are showing the characteristics of a bubble in the record-setting surge by the technology sectorÔÇÖs so-called Magnificent Seven stocks and the all-time highs in crypto.

The comments feed into a live debate on Wall Street about whether many markets are vulnerable to a pullback. For Bitcoin, supporters point to about $12 billion of net inflows into dedicated US exchange-traded funds and an upcoming reduction in the tokenÔÇÖs supply growth as fundamental supports.

## Economic Indicators and Cryptocurrency Performance

A report Thursday showing a jump in US producer prices stoked worries that the FedÔÇÖs campaign to get inflation under control is far from over.

Bitcoin was ÔÇ£undercut by the rise in US yields and the US dollar that followed the hot producer-price inflation data,ÔÇØ Tony Sycamore, a market analyst at IG Australia Pty, wrote in a note.

The tokenÔÇÖs stumble came alongside indications of increased circumspection in the derivatives market, which of late has been a lightning rod for bullish fervor.

## Derivatives Market Activity and Insights

Coinglass data show $526 million worth of bullish crypto wagers were liquidated in the past 24 hours ÔÇö the most in about two weeks. The funding rate or cost for positions in Bitcoin perpetual futures ÔÇö which are popular with speculators as they have no set expiry ÔÇö slumped, according to CryptoQuant figures.

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