Bitcoin’s rally this year has hit a speed bump, putting it on track for the worst weekly slide in almost a year amid wider losses in risk assets.

The largest cryptocurrency slumped as much as 21% this week, the most since March. The wider Bloomberg Galaxy Crypto Index, tracking Bitcoin, Ether and three other cryptocurrencies, is down 23% this week.

The price earlier dipped to as low as $45,525, nearing a key Fibonacci level at around $45,000, before recovering some losses to about $46,375 as of 6:21 a.m. in London, according to consolidated pricing compiled by Bloomberg.

The rough patch for Bitcoin comes amid wider chaos in global markets, as a surge in bond yields heralds growing expectations that growth and inflation are moving higher and forcing traders to reevaluate their positions across multiple asset classes. The tech-heavy Nasdaq 100 dropped in seven of the past eight sessions as stocks like Tesla Inc. and Peloton Interactive Inc. declined.

“Risk-on assets are taking a hit at the moment — we’re seeing stocks slide and crypto is following,” said Vijay Ayyar, head of Asia Pacific for cryptocurrency exchange Luno in Singapore. “The dollar is strengthening, which is a good indication to expect a slide in Bitcoin and crypto.”

Bitcoin’s weakness in the face of market gyrations raises questions about its efficacy as a store of value and hedge against inflation, a key argument among proponents of its stunning fivefold rally over the past year. Detractors have maintained the digital asset’s surge is a speculative bubble and it’s destined for a repeat of the 2017 boom and bust.

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