Bitcoin slid on Friday, rounding out a lacklustre week as easing tensions between the U.S. and Greenland, along with a sizeable purchase by Strategy, failed to revive investor interest in digital assets.
Risk appetite in Asian trading hours remained subdued amid a Bank of Japan policy meeting and renewed geopolitical jitters after U.S. President Donald Trump warned of possible military action against Iran. Demand instead flowed into safe havens, pushing gold and other precious metals to fresh record highs, while Bitcoin underperformed traditional stores of value.
The world’s largest cryptocurrency was last down 0.33 percent at $89,173 as of 1:36 GMT.
Bitcoin on track for 6.17 percent weekly loss
Bitcoin was on track for a roughly 6.17 percent weekly loss, brushing aside a handful of supportive developments. Although prices briefly found relief earlier in the week after Trump dialed back his rhetoric on Greenland, the rally quickly faded, pulling the world’s largest cryptocurrency back toward one-month lows.
The token also drew limited support from Strategy Inc’s disclosure of a $2.1 billion Bitcoin purchase, leaving it headed for a notable weekly decline.
Sentiment was further pressured by delays to a long-anticipated U.S. crypto regulatory bill, after major exchange Coinbase Global opposed the legislation in its current form, weighing on Bitcoin and the broader digital asset market.
Read: Bitcoin sinks below $90,000 as market uncertainty triggers broad crypto selloff
Retail demand for Bitcoin remains muted
Retail demand for Bitcoin remained muted, as investor capital continued to gravitate toward technology stocks, buoyed by sustained enthusiasm around artificial intelligence.
This softness was reflected in the Coinbase Bitcoin premium index, which tracks the spread between U.S. Bitcoin prices and the global average. The index has shown Bitcoin trading at a largely persistent discount in the U.S. since mid-December, underscoring subdued retail participation in the world’s largest crypto market.
The broader cryptocurrency market moved lower alongside Bitcoin, with most major tokens on track for steeper weekly losses.
Ether, the second-largest cryptocurrency, slid 2.4 percent to $2,946.35 and was headed for an 11.2 percent weekly decline. XRP fell 1.5 percent, while BNB edged down 0.1 percent, with both tokens set to post weekly losses of between 6 percent and 8 percent.
Solana and Cardano each dropped 1.5 percent, leaving both down roughly 10 percent over the week. Losses also extended to memecoins, with Dogecoin down 1.3 percent and $TRUMP easing 0.9 percent.
