Near-term indicators point to a breather for bitcoin

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) РCryptocurrency 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 …

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