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Bitcoin faltered on Friday and was heading for its biggest weekly drop since September, as regulatory concerns and its sparkling rally resulted in a pullback from recent highs.
The world’s most popular cryptocurrency fell more than 5% to a nearly three-week low of $ 28,800 at the start of the session in Asia, before leveling off at nearly $ 32,000. It has lost 11% so far this week, the biggest drop since falling 12% in September.
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Traders said a report posted on Twitter by BitMEX Research suggesting that part of a bitcoin could have been spent twice was enough to trigger the sell, even if the issues were resolved afterwards.
“You wouldn’t want to over-rationalize in a market as inefficient and immature as bitcoin, but there is certainly a reversal of momentum,” Kyle Rodda, analyst at IG Markets in Melbourne, said following the BitMEX report.
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“The herd probably looked at this and thought it sounded scary and shocking and now is the time to sell.”
Bitcoin was trading more than 20% below the high of $ 42,000 reached two weeks ago, losing ground amid growing concerns that it is one of many price bubbles and as crypto -currencies attract the attention of regulators.
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In a hearing in the US Senate on Tuesday, Janet Yellen, chosen by President Joe Biden to head the US Treasury, expressed concerns that cryptocurrencies could be used to fund illegal activities.
This follows a call last week by European Central Bank President Christine Lagarde for global regulation of bitcoin.
Still, some have said the pullback came with the territory for an asset that’s about 700% above the 2020 low of $ 3,850 reached in March.
“It’s a very volatile coin,” said Michael McCarthy, strategist at CMC Markets brokerage in Sydney. “He’s made amazing money and he’s doing what bitcoin does and swings.”
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The second-largest cryptocurrency Ethereum initially slipped to a one-week low on Friday before climbing 6% at the end of the Asian session to $ 1,177.
(Reporting by Tom Westbrook; editing by Leslie Adler & Simon Cameron-Moore)
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