Key Insights:
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Bitcoin (BTC) slides back to sub-$39,000 before finding support.
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Government focus on cryptos and broader market risk aversion hit the crypto market.
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Bitcoin’s brush with safe-haven status was brief as crypto policy uncertainty returns
It was a particularly bearish day for Bitcoin (BTC) on Friday. Bitcoin briefly moved into positive territory before hitting reverse. In the early hours, Bitcoin rose to a day high of $42,521 before sliding to a late low of $38,621. A late move back through to $39,000 levels limited the damage.
Following a 3.33% fall on Thursday, Bitcoin tumbled by 7.82% to end the day at $39,154.
It was also a bearish session for the rest of the crypto top 10.
BNB (-7.05%), ETH (-7.43%), LUNA (-7.78%), SOL (-7.61%) led the way down, with ADA (-6.32%) and XRP (-5.31%) also struggling.
AVAX (-3.59%) saw a relatively modest loss on the day.
