Bitcoin Struggles to Find Momentum After Historic Wipeout

After a week-long rout that erased hundreds of billions in digital-asset value, Bitcoin has again failed to live up to its billing as a safe harbor asset.

Once cast as a hedge against market turmoil — a “digital gold” for the blockchain age — the original cryptocurrency stabilized Friday morning in Singapore after sliding alongside global equities and credit to hover near $109,000, according to data compiled by Bloomberg.