Bitcoin Fatigue Sets In as Token Heads for Fourth Annual Loss

Bitcoin is headed for the fourth annual decline in its history, and the first one that didn’t coincide with a major scandal or industry meltdown.

The latest leg down came Monday, with a sharp selloff that sent the original cryptocurrency falling as much as 3.7% during New York hours. Bitcoin is now about 7% lower for the year. It was trading at about $87,100 at noon in Singapore on Wednesday.

While the latest decline is a much milder correction than in the previous three down years, it’s happened against a vastly different backdrop. Since the last major crypto crash in ...