Bitcoin halts longest rally since December after 24% increase
Bitcoin dropped 4.1% to $8,470, which came as Coincheck Inc. allowed some users to make withdrawals again in yen, biggest currency used for trading of the digital token
Madrid/Hong Kong: Bitcoin is snapping its longest rally since December and retreating before a trendline set from its record high that month.
The largest digital currency dropped 4.1% to $8,470 as of 10:35 am in London, according to prices compiled by Bloomberg. Bitcoin had increased 24% over its five successive days of gains.
The decline came as Japanese exchange Coincheck Inc., which lost about $500 million to hackers last month, has begun letting some users make withdrawals again in yen—the biggest currency used worldwide for trading of the digital token, according to Coincompare.com.
“Bitcoin is struggling for momentum along the trendline, after all of those gains,” said Neil Wilson, market analyst in London for online trading platform ETX Capital. “And if people can now withdraw from the Japanese exchange, that’s going to make a difference.”
Coincheck, the second-largest exchange in Japan before the hack, is due to give a public briefing later Tuesday. Bloomberg.
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