{"id":399389,"date":"2021-05-29T07:18:53","date_gmt":"2021-05-29T05:18:53","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=399389"},"modified":"2021-05-29T07:20:11","modified_gmt":"2021-05-29T05:20:11","slug":"bitcoin-slumps-as-traders-prepare-for-volatile-weekend","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/399389-bitcoin-slumps-as-traders-prepare-for-volatile-weekend.html","title":{"rendered":"Bitcoin slumps as traders prepare for volatile weekend"},"content":{"rendered":"

Bitcoin slumped 7% to near $35,500, recalling levels seen in the crypto meltdown last week as traders brace for fresh volatility over the long weekend.<\/p>\n

Prices across digital tokens took a hit as Bank of Japan Governor Haruhiko Kuroda joined a growing list of central bankers expressing skepticism about the industry\u2019s usefulness in the real world.<\/p>\n

Now, retail players are set to dominate the coming trading sessions on typically thin exchange volumes.<\/p>\n

\u201cLooking at the unrest across the crypto market, there is a chance that we see another hectic weekend trading in Bitcoin and other cryptocurrencies,\u201d said Ipek Ozkardeskaya, a senior analyst at Swissquote.<\/p>\n

Prices spiked 10% last Saturday, only to plunge by 18% the next day.<\/p>\n

\"\"<\/a><\/p>\n

\u201cMost of the trading is speculative and volatility is extraordinarily high,\u201d Kuroda said in an interview Thursday. \u201cIt\u2019s barely used as a means of settlement.\u201d<\/p>\n

All the same, Bitcoin was little changed for the week, after a 44% selloff from the April\u2019s peak of $63,000.<\/p>\n

More broadly, the threat of tougher regulation continues to be a drag on crypto market sentiment. China and Iran have cracked down on Bitcoin mining operations for using too much electricity and there\u2019s speculation that the U.S.\u00a0policymaker<\/span>s may increase financial oversight given the market\u2019s growing size and intense volatility.<\/p>\n

On a technical level, the key marker is $30,000, said Swissquote\u2019s Ozkardeskaya. A break below that level would be \u201cfurther affirmation of an extended bear market,\u201d she said.<\/p>\n

\u201cVolatility has eased this week, but that probably won\u2019t last entering a long weekend,\u201d Edward Moya, senior market analyst at Oanda Corp., wrote in a note. \u201cBitcoin\u2019s consolidation phase should continue, but if the $37,000 level breached momentum, it could get ugly fast.\u201d<\/p>\n

Now read: Bitcoin is here to stay<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"

Bitcoin slumped 7% to near $35,500, recalling levels seen in the crypto meltdown last week as traders brace for fresh volatility over the long weekend.<\/p>\n","protected":false},"author":341034,"featured_media":384306,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187,191],"class_list":["post-399389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/399389"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=399389"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/399389\/revisions"}],"predecessor-version":[{"id":399393,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/399389\/revisions\/399393"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/384306"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=399389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=399389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=399389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}