Bitcoin nearing largest weekly price loss of 2019
Bitcoin (BTC) is set to experience its most significant weekly price loss after dropping 20% since Monday, Coindesk reports.
The main cryptocurrency, by market value risks dropping to $7,500 and is currently trading around $8,030 from Monday’s $10,022.
The previous biggest loss of the year was 13% in the second week of January.
This led to a bear run which did not end until Spring. The launch of Bakkt, a platform for institutional investors, saw lower-than-expected volumes.
With investors disappointed and altcoins, such as Litecoin (LTC), failing this recent drop in Bitcoin perhaps appears less surprising.
The 14-week Relative Strength Index dropped dipped below 50 for the first time since the end of March.
It is therefore unlikely that Bitcoin will gain above $9,000 by next Monday. However a bounce above $8,600 is certainly not unfeasible.