Bitcoin’s record week is ending in a whimper

NEW YORK. Bitcoin’s record-breaking week is ending on a down note.

The world’s largest digital coin has lost about 8 per cent since reaching an all-time high of almost $67,000 Wednesday, a decline that’s wiped out more than $100 billion in market value.

Other coins weren’t spared either — Ether, second in rank by market value, has also dropped, losing 3 per cent over the last two sessions. The Bloomberg Galaxy Crypto Index, which tracks some of the major digital currencies, fell 5 per cent on Friday alone.

“The excitement became somewhat overheated,” said Michael O’Rourke, chief market strategist at JonesTrading. Bitcoin on Friday lost as much as $4.2 per cent to trade around $60,011. (Bloomberg)