Near-term indicators point to a breather for bitcoin
Information about Near-term indicators point to a breather for bitcoin
Kevin David Scam or Legit
By Lisa Pauline Mattackal and Medha Singh
(Reuters) – Cryptocurrency market indicators such as average bitcoin funding rates, inflows into crypto investment products and the ratio of old-to-new coins being sold suggest a near-term consolidation for the sector and lower odds of a year-end rally bitcoin bulls are predicting.
Bitcoin rose 1.6% on Friday to $57,850.56 but was on track for weekly losses of over 11%, its worst week since May. It is 16% lower than its Nov. 10 record high of $69,000. Ether, the second-biggest cryptocurrency by market value, was 14% off of its peak at $4,202.45.
Market participants cited profit-taking after bitcoin hit those highs, its increasing sensitivity to global inflation expectations and regulatory headwinds as behind the week’s declines.
Concerns that creditors of Mt Gox, a crypto exchange …