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Bitcoin Price Today: Drops to $89.5K Amid Weak Demand
Bitcoin fell on Friday, wrapping up a weak week, as easing tensions between the United States and Greenland and a major purchase by Strategy failed to support appetite for cryptocurrencies.
Risk sentiment during the Asian session was also constrained by a meeting of the Bank of Japan and a warning from U.S. President Donald Trump about possible military action against Iran.
Safe-haven assets such as gold and other precious metals surged to record highs amid rising demand for physical assets, while bitcoin largely lagged behind gold.
The world’s largest cryptocurrency fell 0.5% to $89,517.3 as of 05:53 GMT.
Bitcoin Set for a 5% Weekly Drop, Ignores Positive Signals
Although bitcoin edged higher after Trump softened his rhetoric on Greenland earlier this week, the world’s largest cryptocurrency largely reversed course and returned to monthly lows.
The cryptocurrency is set for a 5% weekly decline, having received little support from the largest corporate holder, Strategy Inc (NASDAQ:MSTR), which announced a $2.1 billion bitcoin purchase.
Strategy has also become a source of concern for bitcoin in recent months, as markets questioned the long-term viability of its bitcoin treasury strategy, especially amid the persistent underperformance of bitcoin prices.
Delays in passing a long-anticipated cryptocurrency regulation bill also weighed on bitcoin and broader crypto prices, after leading U.S. exchange Coinbase Global Inc (NASDAQ:COIN) opposed the bill in its current form.
Retail appetite for bitcoin remained largely weak, particularly as the strong performance of technology stocks amid artificial intelligence hype attracted most capital inflows.
The Coinbase Bitcoin Premium Index, which measures the gap between U.S. bitcoin prices and global averages, showed that the cryptocurrency has been trading at a near-constant discount in the U.S. since mid-December. This indicated that retail demand for bitcoin in the world’s largest crypto market remained largely weak.
Cryptocurrency Prices Today: Altcoins Fall, Brace for Steep Weekly Losses
Broader cryptocurrency prices fell alongside bitcoin and were set for much steeper declines this week.
The world’s second-largest cryptocurrency, Ether, fell 2.4% to $2,946.35 and was also set for weekly losses of 11.2%.
XRP fell 1.5%, while BNB lost 0.1%, with both cryptocurrencies set to lose between 6% and 8% this week.
Solana and Cardano fell 1.5% each and were also down about 10% for the week.
Among memecoins, Dogecoin fell 1.3%, while $TRUMP lost 0.9%.
See also: "A Coinbase Specialist Proposed a Way to Counter Quantum Computers"
