SINGAPORE CITY (SINGAPORE) – One of the most popular cryptocurrencies, Bitcoin, wavered on Friday as it headed towards its sharpest weekly dip since September. Concerns over regulation and its fizzy rally drove a pullback from record highs recently.
Early during the Asia session, bitcoin dropped more than 5% to a three-week low of $28,800. However, it steadied at $32,000. This week, it has registered a loss of 11% so far, the biggest dip since a 12% drop in September.
Traders referred to a report posted on Twitter by BitMEX Research saying that part of a bitcoin may have been spent twice was enough to trigger selling, although 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 Markets in Melbourne.
“The herd has probably looked at this and thought it sounded scary and shocking and it’s now the time to sell.”
The cryptocurrency was trading more than 20% below the record high of $42,000 it reached two weeks ago. It lost ground amid concerns that it is one of a number of price bubbles.
