Investing.com– Bitcoin retreated on Friday, facing some profit-taking after racing to record highs earlier in the week as persistent rate-cut bets and cooling geopolitical tensions helped boost risk.
But the world’s largest crypto was headed for a muted weekly performance after failing to hold at record levels.
Bitcoin fell 0.5% to $121,525.6 by 01:53 ET (05:53 GMT). ‘
Bitcoin heads for muted week, but ‘Uptober’ cheer remains
Bitcoin was set for a muted performance this week despite hitting a record high of over $126,000.
But the world’s largest crypto was still sitting on a 6.2% gain so far in October, as it benefited from increasing optimism over favorable seasonal trends.
Bitcoin has historically performed well in October, with market participants referring to the trend as “Uptober.”
Last year, the crypto added nearly 11% in October, although this was vastly overshadowed by a stellar 37% rally in November, on Donald Trump’s victory in the 2024 presidential elections.
Recent weakness in Bitcoin was driven by profit-taking, while doubts over the long-term viability of corporate treasuries also remained.
Investors also remained on edge over an ongoing U.S. government shutdown, while uncertainty over the trajectory of interest rates kept Bitcoin’s gains in check.
Bitcoin is ‘not an asset class,’ UK investing giant Hargreaves Lansdown says
Hargreaves Lansdown, the UK’s biggest retail investment platform, told investors this week that Bitcoin has “no intrinsic value,” despite a landmark regulatory shift on crypto investment in the country.
Hargreaves issued the warning just as the UK Financial Conduct Authority lifted a four-year ban on allowing retail investors to hold crypto products.
Retail investors will soon be able to buy Bitcoin and other crypto exposure through regulated, exchange-traded products, akin to a U.S. decision allowing exchange-traded funds in early-2024.
The investment platform said Bitcoin is “not an asset class,” stating that crypto did not display characteristics that called for its inclusion in growth or income portfolios.
Still, Hargreaves did not rule out offering crypto products on its platform, acknowledging that some customers will still “wish to speculate with cryptocurrency.”
Crypto price today: altcoins range bound amid scant trading cues
Broader crypto prices moved in a flat-to-low range on Friday, tracking a middling performance in Bitcoin after reversing a bulk of their gains this week.
World no.2 crypto Ether fell 1.4% to $4,365.73, while XRP was flat at $2.8255.
Solana fell 2%, while Cardano added 0.4%. Binance Coin fell 2.7%, retreating further from a record high hit earlier in the week.
Among meme tokens, Dogecoin rose 1.5%, while $TRUMP fell 2.3%.
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