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Or sign-in if you have an account.Sustained outflows from U.S. ETFs dedicated to the crypto market, combined with a decoupling from record-breaking tech stocks, have sapped investor confidence. Photo by JUSTIN TALLIS/AFP via Getty ImagesEther sank to its lowest level in over a year as digital assets continued to sustain heavy losses after a gruelling week.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe second-largest cryptocurrency fell more than 10 per cent to US$1,593 on Friday, its lowest value since April 2025. Bitcoin dropped as much as 4.9 per cent to just above US$60,438. The tokens later pared some of the losses.Smaller cryptocurrencies fared worse, with so-called privacy coins in particular taking a pummelling. Zcash fell by more than half — its largest drop since May 2021 — over a 24-hour period after reports of a possible security flaw, while Monero declined as much as 17 per cent.The losses extend what is already bitcoin’s longest losing streak since August, beginning after Strategy Inc. on Monday announced it had sold a small sum of the token for the first time since 2022. Sustained outflows from United States exchange-traded funds dedicated to the market, combined with a decoupling from record-breaking tech stocks, have sapped investor confidence.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try again“Bitcoin is fast approaching the psychological level of US$60,000,” said Caroline Mauron, co-founder of Orbit Markets. “The level proved a strong support in February and was last seen in 2024 before Trump’s election, so a clean breach is going to be damaging.”The crypto rout comes after U.S. stocks moved toward a historic weekly run of gains, powered by the artificial-intelligence trade that has boosted technology valuations. Traders are looking ahead to U.S. employment data set to be released later on Friday, which could hold clues for the market ahead of next week’s Federal Reserve meeting.“As global capital continues to flow toward AI and large-cap technology stocks, digital assets must compete with these high-growth sectors for investor allocation,” said Dean Chen, analyst at crypto exchange Bitunix. “However, if investors eventually begin to question the sustainability of U.S. equity valuations, the pace of capital rotation and risk repricing could unfold far more rapidly than markets currently anticipate.”Privacy coins such as Zcash and Monero had been a bright spot in an otherwise dismal crypto market since the sector began a significant selloff in October. Part of the tokens’ appeal stems from how they obfuscate transaction data on blockchain networks, making it more difficult to track the flow of crypto and identify buyers and sellers.Until Wednesday, Zcash had been up nearly 20 per cent for the year. Its collapse comes after a Gizmodo report that the project had taken emergency action on Wednesday after discovering a critical bug in its systems that would have allowed attackers to create new tokens at will.In a blog post on Wednesday, the Zcash Foundation said it had found “no evidence of unauthorized value creation.” The foundation didn’t immediately respond to a request for further comment on Friday. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.