Bitcoin Pulls Back From Record Highs Amid Debate Over Speculative Excess Fueling Crypto Rally

• Bitcoin retreated from its latest record high amid debate about whether the crypto rally shows speculative excess

• The largest digital asset dropped over 5% before paring losses; it had hit an all-time peak of nearly $74,000 a day earlier

• Some say easy money policies helped power crypto and stock gains, but investors are rethinking as US inflation persists

• Bank of America's chief strategist said markets show signs of a bubble with tech stocks and crypto at highs

• Bitcoin's stumble came as derivatives data showed increased bets against further gains; funding rates and bullish wagers fell