Bitcoin fell to a one-month low on Friday and was heading for its worst week in six months as traders recorded profits from a long rally and were frightened by the expectation that creditors of the crypto exchange -Mt Gox currency can liquidate their payments.
The largest cryptocurrency by market value, bitcoin fell 1.6% to $ 55,980 mid-session in Asia, its lowest since mid-October and record 20 last week.
Fondi, who expects this to continue until the token finds support at around $ 53,000. For the week, bitcoin fell 14% and hit its 50-day moving average. He’s gained over 90% this year.
“The selling pressure has been pretty constant,” said Matthew Dibb, CEO of Stack Funds, a Singapore-based cryptocurrency manager, who expects it to continue until the token finds support at around $ 53,000.
For the week, bitcoin fell 14% and hit its 50-day moving average. He’s gained over 90% this year.
Dibb said there had been profit taking and concerns over increased sales following a Tokyo court that signed plans to pay off creditors of Mt Gox, a cryptocurrency exchange which collapsed in 2014 after losing half a billion dollars in bitcoin.
“Those affected will receive a significant sum of bitcoin, likely in the first or second quarter of 2022. This has raised long-term fears in the market,” he said, waiting for those creditors to be likely sellers.
Ether, the second largest cryptocurrency by market value, held steady near a three-week low at $ 4,014 on Friday, but posted a weekly loss of 14%.
Ether and bitcoin also appear to have suffered, as the mood in global markets has been cautious in recent days amid concerns over economic growth, interest rates and inflation.
“The long-term outlook for Bitcoin remains bullish,” said Edward Moya, analyst at OANDA. “But the waters in the coming months will be rough as institutional investors look to see if the Fed is forced to hike rates sooner and trigger a large-scale sale of risky assets that include bitcoin.
