A fresh bout of selling on Friday drove Bitcoin down as much as 7.9 per cent to US$47,525 — below its 100-day moving average — as it continued to take out key technical levels.
This week’s more than 20 per cent rout marks the worst period for Bitcoin since March 2020.
investors in Bitcoin, which has advanced more than 70 per cent this year despite its recent pullback, already face a capital gains tax if they sell the cryptocurrency after holding it for more than a year.
“If it is true we’ve moved too much — but once Bitcoin gets a head of steam it is tough to stop unless you are at a technical area.