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Bitcoin on pace for fourth consecutive weekly drop from record
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economictimes.indiatimes.comBitcoin remains on pace for its fourth consecutive weekly decline after a brief bounce triggered by a report showing U.S. inflation accelerated failed to unwind the negative sentiment that has recently gripped digital-asset markets.
The largest cryptocurrency by market value has long been touted as an inflation hedge, in part because of its fixed supply. Bitcoin was little changed after rising as much as 4.4 per cent to $50,101 in New York trading on Friday.
The coin has been bouncing around the $50,000 level since a weekend flash crash that saw it tumble as much as 21 per cent on Saturday. “This is an important threshold and the failure to secure it will likely spook some traders,” Nigel Green, founder and chief executive of deVere
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