BITCOIN SLIDES IN WORST WEEKLY DROP SINCE LAST MARCH

Bitcoin hit a speed bump Friday as the world’s largest cryptocurrency witnessed its worst weekly decline in almost a year. The digital token slumped 20 per cent this week, the most since the pandemic-fuelled selloff last March. The wider Bloomberg Galaxy Crypto Index, tracking Bitcoin, Ether and three other cryptocurrencies, was down 23 per cent for the same period. Bitcoin fell five per cent to US$45,672 as of 5:00 p.m. ET. “It is a market that was ridiculously overbought and will probably be so once again in the not-too-distant future,” Craig Erlam at OANDA Europe said Friday. Vijay Ayyar at cryptocurrency exchange Luno in Singapore said “Risk-on assets are taking a hit at the moment — we’re seeing stocks slide and crypto is following.”