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(Bloomberg) — Bitcoin has continued its decline after a rare 14-day winning streak as the risk appetite that boosted various assets earlier in the year has given way to cautious moods.
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The largest token dropped 0.7% on Thursday, trading at around $20,700 as of 9:20 am in Tokyo. Smaller coins like Ether, Solana and Polkadot also recorded small losses.
Matt Maley, chief market strategist at Miller Tabak, said Bitcoin is “very overbought right now in the short term” and “preparing for a short-term rally.”
U.S. stocks fell and U.S. Treasuries rose on Wednesday on concerns over economic growth, with the bleak mood spilling over to digital assets.The crypto sector also continues to grapple with the impact of the FTX exchange collapse. .
Genesis Global Capital, the lending arm of the digital currency group, is preparing to file for bankruptcy as early as this week, according to people familiar with the matter. DCG’s business is a vital cog in a struggling digital asset industry.
Bitcoin’s 14-day Relative Strength Index was above 90, but above the so-called overbought threshold of 70. For some strategists, that suggests a possible pause in Bitcoin’s progress in 2023.
Bitcoin and the Top 100 Token Gauge have risen more than 20% this year, easing at least some of last year’s digital asset crash. Many are fueled by the view that rate hikes are coming to an end as inflation falls.
Cryptocurrencies have lost nearly $2 trillion since their peak in November 2021, sparking a series of explosions that have prompted many institutional and retail investors to wash their hands from cryptocurrencies.
For Crypto Market Prices: CRYP; Top Crypto News: TOP CRYPTO.
— Contributed by Vildana Hajric.
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