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Bitcoin nearing largest weekly price loss of 2019

By Lawrence Gash

Bitcoin (BTC) is set to experience its most significant weekly price loss after dropping 20% since Monday, Coindesk reports.

Bitcoin nearing largest weekly price loss of 2019

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.

Tokenised securities are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how tokenised securities and leverage work and whether you can afford to take the high risk of losing your money. Nothing in the above article should be regarded as a recommendation to trade generally, to trade on a particular platform or to trade in a particular asset. Asset prices can go down as well as up and past performance is not a guide to future performance. Investors and traders should thoroughly research an asset or strategy before making any trading or investment decision and if necessary seek professional advice.
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