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Why cryptocurrency Bitcoin is headed for its worst week in months
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livemint.comBitcoin fell to a one-month low on Friday and was headed for its worst week in six months as traders have booked profits from a long rally and been spooked by an expectation that creditors of collapsed crypto exchange Mt Gox might liquidate their payments.
The largest cryptocurrency by market value, bitcoin was down 1.6% at $55,980 by mid-session in Asia, its lowest since mid-October and 20% below last week's record high.
"Selling pressure has been quite constant," said Matthew Dibb, chief operating officer at Singapore-based crypto asset manager Stack Funds, who expects it could continue until the token finds support at around $53,000.
For the week, bitcoin has fallen 14% and through its 50-day moving average. It has gained more than 90%
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