Bitcoin heads for worst week in months as Mt Gox payouts loom

Bitcoin heads for worst week in months as Mt Gox payouts loom

Information about Bitcoin heads for worst week in months as Mt Gox payouts loom

Kevin David


SYDNEY (Reuters) – Bitcoin fell to a one-month low on Friday and was headed for its worst week in six months as traders have booked profits from a long rally and been spooked by an expectation that creditors of collapsed crypto exchange Mt Gox might liquidate their payments.
The largest cryptocurrency by market value, bitcoin was down 1.6% at $55,980 by mid-session in Asia, its lowest since mid-October and 20% below last week’s record high.
“Selling pressure has been quite constant,” said Matthew Dibb, chief operating officer at Singapore-based crypto asset manager Stack Funds, who expects it could continue until the token finds support at around $53,000.
For the week, bitcoin has fallen 14% and through its 50-day moving average. It has gained more than 90% this year.
Dibb said …

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