Bitcoin declined on Friday, rounding out a weak week as easing tensions between the U.S. and Greenland, along with a major purchase by Strategy, failed to revive demand for cryptocurrencies.
Risk appetite during the Asian session was further constrained by a Bank of Japan meeting and warnings from U.S. President Donald Trump about possible military action against Iran.
Safe-haven assets such as gold and other precious metals surged to record highs amid rising demand for physical stores of value, while Bitcoin largely underperformed compared with bullion. The world’s largest cryptocurrency slipped 0.5% to $89,517.3 by 00:53 ET (05:53 GMT).
Bitcoin on track for 5% weekly drop, ignores positive signals
Although Bitcoin posted modest gains earlier this week after Trump softened his stance on Greenland, the world’s largest cryptocurrency quickly reversed direction, drifting back toward one-month lows.
Bitcoin was on course for a roughly 5% weekly decline, finding little support from Strategy Inc. (NASDAQ:MSTR) despite the company’s disclosure of a $2.1 billion Bitcoin purchase.
In recent months, Strategy has also become a source of concern for the market, as investors questioned the long-term sustainability of its Bitcoin treasury strategy, particularly amid Bitcoin’s continued price underperformance.
Bitcoin and the broader crypto market were further pressured by delays to a long-anticipated crypto regulation bill, after leading U.S. exchange Coinbase Global Inc. (NASDAQ:COIN) opposed the legislation in its current form.
Retail demand for Bitcoin remained subdued, as strong performance in technology stocks—driven by enthusiasm around artificial intelligence—absorbed much of the available investment capital.
The Coinbase Bitcoin Premium Index, which tracks the difference between Bitcoin’s U.S. price on Coinbase and the global average, has shown Bitcoin trading at a near-persistent discount in the U.S. since mid-December, signaling continued weakness in retail interest within the world’s largest crypto market.
Crypto prices today: Altcoins slide, headed for sharp weekly losses
Broader cryptocurrency prices declined alongside Bitcoin and were on track for significantly steeper losses this week.
Ether, the world’s second-largest cryptocurrency, dropped 2.4% to $2,946.35 and was heading for an 11.2% weekly decline. XRP fell 1.5%, while BNB slipped 0.1%, with both tokens set to post weekly losses of around 6% to 8%.
Solana and Cardano each declined 1.5% and were down roughly 10% for the week. Among memecoins, Dogecoin fell 1.3%, while $TRUMP eased 0.9%.
Sources: Investing UK
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