Bitcoin falls back sharply after weekend record

By Kevin Buckland and Julien Ponthus TOKYO/LONDON (Reuters) – Bitcoin fell back sharply on Monday after hitting a record high of $61,781.83 over the weekend after U.S. President Joe Biden signed off on his $1.9 trillion fiscal stimulus and ordered an acceleration in vaccinations. Bitcoin’s new high also came as ten-year U.S. Treasury yields hit a 13-month high of 1.64% on Friday. Because some investors tend to see bitcoin as an hedge against inflation, analysts believe the rise of bitcoin has been helped by the prospects of a steep economic recovery. “Since the start of 2020, correlations betw…

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HEDGE accordingly