The token recouped some of last week’s losses, but still remained largely within a trading range established through most of this year, as retail interest in crypto dwindled and hype over the launch of spot-Bitcoin exchange-traded funds died down.
Uncertainty over crypto’s regulatory outlook also weighed, as Democratic presidential candidate Kamala Harris was seen gaining an edge over Republican nominee Donald Trump after a heated presidential debate.
Bitcoin fell 0.5% to $57,891.5 by 01:22 ET (05:22 GMT).
The world’s biggest cryptocurrency was trading up 6.9% this week, with a bulk of these gains coming from bargain buying after Bitcoin logged steep losses last week.
The token remained squarely within a $50,000 to $60,000 trading range established through most of the year, as it continued to struggle for direction after making new record highs in March.
The token was seen decoupling further from gold, CryptoQuant data showed this week, with the yellow metal hitting a record high on Friday amid increased safe haven demand and bets on lower interest rates.
Bitcoin, on the other hand, has largely lagged even other conventional risk-driven markets, taking little support from the prospect of interest rate cuts by the Federal Reserve.
Pro-crypto presidential candidate Trump was seen losing ground against Harris this week after she was seen taking the victory in a heated presidential debate.
Trump, on his Truth.Social platform, said that he will not partake in any more debates with Harris, while engaging in personal attacks on his political rivals and also claiming he had won this week’s debate.
Trump losing ground offered some negative signals to crypto markets, given he has maintained a largely pro-crypto stance in his campaigning efforts. Harris, on the other hand, is expected to continue the Biden administration’s scrutiny towards the sector.
Broader cryptocurrency prices were a mixed bag, although they mostly tracked mild losses in Bitcoin.
World no.2 crypto Ether fell 0.3% to $2,350.61. MATIC, ADA and SOL moved in a flat-to-low range, while XRP added 6%.
Among memecoins, DOGE rose 0.7%.
Focus was squarely on an upcoming Federal Reserve meeting next week, where the central bank is widely expected to begin a rate cut cycle. But markets are split over a 25 or 50 basis point reduction next week.
Source: Cryptocurrency - investing.com
