Bitcoin (BTC)

Silver Bitcoin next to many cryptocurrency coins like defocused Ethereum, Neo, Tether on black background. Central composition, low key photo for banners and news about BTC crypto.

The world’s premier cryptocurrency, Bitcoin, is going through a rough spell like the rest of the market. Bitcoin is traditionally less volatile than the wider market, and although that’s remained true thus far in 2022, it’s little solace for BTC investors down 39% year-to-date through May 12 that the overall market was down more than 45% over the same period. Bitcoin’s recent slump comes despite an unequivocally bullish piece of news that came in late April from Fidelity Investments: The largest U.S. provider of retirement plans announced it will be allowing 401(k) investors to buy Bitcoin directly in their accounts, should their employers opt in to allow it. About 23,000 companies use Fidelity to administer their retirement plans – a market that encompasses more than 20 million people and $2.7 trillion in assets. It’s an open question how many employers will opt in when the feature goes live later this year, but this is a major step in Bitcoin adoption, and unlikely to be the last.