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Bitcoin falls 8.5% to $31,700

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Bitcoin () is a decentralized digital currency, without a central bank or single administrator. Bitcoin traded lower on Friday as the price struggled near the $35,000 resistance level. The cryptocurrency was trading around $32,000 at press time and is down about 8% over the past 24 hours. Some analysts expect continued weakness into the weekend as a volatile month nears its end.

Latest prices

Cryptocurrencies:

  • Bitcoin (BTC)  $31967.4, -8.27%
  • Ether (ETH) $1842.9, -8.45%

Traditional markets:

  • S&P 500: 4280.7, +0.33%
  • Gold: $1779.2, +0.22%
  • 10-year Treasury yield closed at 1.531%, compared with 1.492% on Thursday

We all know that it is up 14.3% from the year’s low of $27,734 on Jan 4 and the companies and exchanges are currently facing hurdles.

Traders whipsawed

Ongoing concerns about regulatory crackdowns and environmental issues have weighed on bitcoin’s price over the past few months. The technical charts suggest further downside is likely as sellers react to extreme overbought conditions since March.

With newcomers in the crypto market seeing their profit and capital getting wiped out by selling waves, newcomers are taking their losses as they can’t stomach this much negative volatility anymore.

For cryptocurrencies this Summer, It seems it will take intensifying inflation pressures to get the dollar rally going and that might pose one of the key risks.

Wall Street will have to see a couple more inflation and labour reports before having a better understanding of when the [Federal Reserve] will taper and be poised to raise interest rates.

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