After a Thanksgiving respite, the crypto selloff has resumed with all major coins trading lower on Friday and on track to log their third consecutive weekly declines.
Bitcoin, BTCUSD, -4.54% the world’s largest cryptocurrency, was last changing hands at $4,259.80, down 3.8% since 5 p.m. Eastern Time on the Kraken crypto exchange a day earlier and lower by 23% since the start of the week.
And for one analyst, the end to the crypto demise is far from in sight.
“Bitcoin is likely to move even lower after a failed attempt to break above the $4,700 level. The regulatory environment is suffocating the bulls and the bears are going wild. It is likely that the price may touch the level of $3,800 or even $3,500 if the current momentum continues,” wrote Naeem Aslam, chief market analyst at Think Markets U.K.
Aslam added that broad-based declines in cryptocurrencies is more concerning for Ether, the currency mostly distributed when crypto-related ventures pursue an initial coin offering.
“The most worrying aspect is that Ethereum could fall below…
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