SINGAPORE — Bitcoin sank to a four-month low on Friday, breaking below technical support as traders anticipated the dumping of long-lost tokens from a defunct Japanese exchange and further selling by momentum-spooked leveraged players.
The price of the world's largest cryptocurrency slid more than 8 percent to $53,523, below chart support around $55,000 and its lowest since late February.It has lost some 12 percent for the week so far, even as many of the risk-sensitive assets it tends to track, such as the Nasdaq, have gained. Ether slid 9 percent to $2,841, an over two-month low.Media reports said Mt.
'However, the acceleration to the downside suggests the market is trying to get ahead of the creditor flows.'Analysts have also pointed to worries over the possibility of Joe Biden being replaced as the Democrats' presidential nominee by someone less pro-crypto after a shaky debate performance with rival candidate Donald Trump.Bitcoin had a strong start to the year after the launch of exchange-traded funds in the US, propelling it to a record $73,803.25 in mid-March.
Slides To 4-Month Lows Ether Sinks 9%
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