Investing.com– Bitcoin fell on Friday, capping off a week of weakness as cooling tensions over the U.S. and Greenland and a major buy by Strategy did little to shore up appetite for cryptocurrencies.
Risk sentiment during the Asian session was also limited by a Bank of Japan meeting and as U.S. President Donald Trump warned of potential military action in Iran.
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Safe havens such as gold and other precious metals shot up to record highs on increasing demand for physical assets, with Bitcoin largely lagging bullion.
The world’s largest crypto fell 0.5% to $89,517.3 by 00:53 ET (05:53 GMT).
Bitcoin set for 5% weekly decline, shrugs off positive cues
While Bitcoin saw some gains after Trump softened his rhetoric over Greenland earlier this week, the world’s largest crypto largely reversed course and came back in sight of one-month lows.
The crypto was headed for a 5% decline this week, taking little support from top corporate holder Strategy Inc (NASDAQ:MSTR) disclosing a $2.1 billion Bitcoin buy.
Strategy has also emerged as a source of concern for Bitcoin in recent months, as markets questioned the long-term viability of its Bitcoin treasury strategy, especially amid persistent underperformance in Bitcoin’s price.
The delay of a long-awaited crypto regulatory bill also weighed on Bitcoin and broader crypto prices, after top U.S. exchange Coinbase Global Inc (NASDAQ:COIN) opposed the bill in its current state.
Retail appetite for Bitcoin remained largely weak, especially as outperformance in technology stocks, on hype over artificial intelligence, commanded the bulk of capital inflows.
The Coinbase Bitcoin premium index, which measures the gap between Bitcoin’s U.S. price on Bitcoin and the global average, showed the crypto trading at a nearly consistent discount in the U.S. since mid-December. This indicated that retail appetite for Bitcoin in the world’s largest crypto market remained largely weak.
Crypto price today: altcoins fall, set for steep weekly losses
Broader crypto prices fell in tandem with Bitcoin, and were set for much larger declines this week.
World no.2 crypto Ether fell 2.4% to $2,946.35, and was also headed for a 11.2% weekly loss.
XRP fell 1.5%, while BNB shed 0.1%, with both cryptos set to lose between 6% and 8% this week.
Solana and Cardano fell 1.5% apiece, and were also down about 10% each this week.
Among memecoins, Dogecoin fell 1.3%, while $TRUMP shed 0.9%.
