Bitcoin Rally Falters as More Turmoil, Rates Present Headwinds

Bitcoin is ending the week on a down note after the optimism that pushed the price of the largest digital asset to a one-year high fades amid a flurry of fresh industry turmoil and crosscurrents in global financial markets.

The cryptocurrency, which accounts for about half of the crypto sector’s $1.2 trillion market value, edged lower for a fourth consecutive day to settle around $30,200 on Friday. The token briefly touched $31,504 on Thursday, the highest level since June 2022.

“After Bitcoin’s massive 14% gain last week, the market took a healthy hiatus,” wrote K33’s Bendik Schei and Vetle Lunde ...