Bitcoin drops to lowest since February
Bitcoin fell to its lowest since February even as stocks hit record.
Bitcoin sank for a fourth consecutive trading session, part of a wider crypto selloff that contrasts with recent record highs in global stocks, News.Az reports citing Bloomberg.The digital asset fell as much as 8.1% to hit the lowest since February, changing hands at about $54,190 as of 12:21 p.m. Friday in Singapore. Smaller coins like Ether, XRP and Cardano nursed steeper losses in some cases exceeding 10%.
Crypto speculators currently face a range of challenges, including waning demand for US Bitcoin exchange-traded funds, signs that governments are disposing of seized tokens and the hard-to-parse impact of US political flux.
On top of that, administrators of the failed Mt. Gox exchange are returning a hoard of Bitcoin to creditors in stages. Speculators are uncertain how much of the $8 billion haul will end up being sold. A Mt. Gox-linked wallet moved $2.7 billion worth of the token on Friday, according to Arkham Intelligence.
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