Bitcoin fell to the lowest level in a fourth straight trading session, part of a broader sell-off in cryptocurrencies that has contrasted with recent record highs in global equity prices.
The digital asset fell as much as 8.1% to its lowest level since February, changing hands at around $54,190 at 12:21 p.m. Smaller coins such as Ether, XRP and Cardan also had steeper losses in some cases exceeding 10%, SEEbiz reports.
Crypto speculators are currently facing a number of challenges, including dwindling demand for the United States (U.S.) Bitcoin exchange-traded funds, signs that governments are getting rid of seized tokens, and the impact of political changes in the U.S. are hard to parse.
On top of that, the administrators of the failed exchange Mt. Gox are gradually returning the pledged bitcoins to creditors. Speculators are not sure how much of the $8 billion will be sold.
A wallet connected to Mt. Goxom moved $2.7 billion worth of tokens on Friday, according to Arkham Intelligence.
