Bitcoin Has Its Biggest Weekly Decline in Almost Three Years [Bloomberg Business News]
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Source: Bloomberg Business News
Bitcoin faced one of its biggest tests this week, losing almost 20 percent of its value after the world’s largest cryptocurrency reached a record high Monday. The digital currency plunged as much as 30 percent on Friday, before paring losses, as this week’s selloff extended to a fourth day. The weekly decline is the biggest in almost three years. Other cryptocurrencies also tumbled: ethereum dropped as much as 36 percent and litecoin slumped as much as 43 percent, according to composite prices on Bloomberg. Michael Novogratz, the former Goldman Sachs Group Inc. and Fortress Investment Group LLC macro trader, said he’s shelving plans to start a cryptocurrency hedge fund and predicted that bitcoin may extend its plunge to $8,000. “We didn’t like market conditions and we wanted to re-evaluate what we’re doing," Novogratz said in a phone interview . He predicted last week that bitcoin could reach $40,000 within a few months. Bitcoin dropped to as low as $10,77
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