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Cryptocurrency News Today: Crypto Market Indicators Suggest Near-Term Consolidation, Breather For Bitcoin
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ndtv.comCryptocurrency 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 per cent on Friday to $57,850.56 but was on track for weekly losses of over 11 per cent, its worst week since May. It is 16 per cent lower than its Nov. 10 record high of $69,000. Ether, the second-biggest cryptocurrency by market value, was 14 per cent 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
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