Bitcoin set for weekly fall as price dips to end the week

The price of the world’s largest cryptocurrency fell again on Friday. Photo: Liu Junfeng / Costfoto / Sipa USA

Bitcoin (BTC-USD) appeared to see a weekly price decline as the world’s largest cryptocurrency fell again on Friday morning.

Bitcoin lost 1.4% against the dollar in early trading, to hit $ 33,067 (£ 24,042). The early weakness raised the prospect of a third straight day of price declines for Bitcoin, which is now below the $ 34,294 mark at which it started the week.

Other major cryptocurrencies were also on the decline on Friday morning. In London, the market lost more than 8% of its value by 8:15 a.m. in the last 24 hours, according to data provider CoinMarketCap.com. Ethereum (ETH-USD), the second largest cryptocurrency in the world, was among the worst hit. The token is down 5.3% to $ 2,037.

Price declines come as the crypto market struggles to regain momentum earlier in the year. Bitcoin hit an all-time high of over $ 64,000 in April but has almost halved since then.

The record high was driven by the increasing institutional acceptance and boosterism of Tesla’s (TSLA) Elon Musk. The sluggish momentum coincided with crackdowns in China, growing concerns about Bitcoin’s energy usage, and waning enthusiasm for Musk.

“We are entering the third quarter of 2021 at a kind of crossroads for cryptocurrency in general,” wrote Carl Capolingua, an analyst at ThinkMarkets, in an outlook report released this week.

“There are still a number of high profile proponents of the field like microstrategy CEO Michael Saylor, Twitter founder Jack Dorsey and hedge fund investor Cathy Wood, but just as many critics, including legendary stock investors Warren Buffett and Charlie Munger.

“Bitcoin price seems to reflect this, having found a base around the $ 30,000 mark, it has had a hard time deciding to break back down to the $ 40,000 mark.”

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