(Bloomberg) — Bitcoin appears to be ending the week on a down note, trading lower for a fifth consecutive session, while one of the crypto industry’s biggest conferences draws to a close in Miami.
The largest cryptocurrency by market value fell to as low as $43,220, the least in about two weeks. Ether, the next largest digital token by market value, edged higher. Popular DeFi tokens Solana and Cardano were also negative.
“It’s been a rough week for Bitcoin, which has been hammered by deteriorating risk appetite just after it broke through a major resistance level,” Craig Erlam, senior market analyst at Oanda, said in a note Friday. “It has found some support around $43,000, which is the 50% retracement of the March lows to highs and also coincides with the pre-breakout resistance.”
Bitcoin 2022 in Miami has featured Bitcoin advocates including billionaire entrepreneur Peter Thiel, Ark Investment Management CEO Cathie Wood and MicroStrategy Inc. head Michael Saylor. Thiel, like Saylor, sees Bitcoin as the inflation-proof reserve currency of the future and warned central bankers that ignoring the digital currency will have serious consequences.
Saylor and Wood in a fireside chat discussed the outlook for Bitcoin on Thursday, with both highlighting a shift in stance from politicians, regulators and capital markets toward the world’s largest digital asset.
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