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Bitcoin heads for worst weekly loss in months

panarmenian.net01/22nd/2021, 6:36

Bitcoin heads for worst weekly loss in months

January 22, 2021 - 10:32 AMT

PanARMENIAN.Net - Bitcoin wavered on Friday, January 22 and was heading toward its sharpest weekly drop since September, as worries over regulation and its frothy rally drove a pullback from recent record highs, Reuters reports.

The world’s most popular cryptocurrency fell more than 5% to an almost three-week low of $28,800 early in the Asia session, before steadying near $32,000. It has lost 11% so far this week, the biggest drop since a 12% fall in September.

Traders said a report posted to Twitter by BitMEX Research here suggesting that part of a bitcoin may have been spent twice was enough to trigger selling, even if concerns were later resolved.

“You wouldn’t want to rationalise too much into a market that’s as inefficient and immature as bitcoin, but certainly there’s a reversal in momentum,” said Kyle Rodda, an analyst at IG...

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