Volatile bitcoin falls from record high as crypto frenzy hits pause
Bitcoin eased to a one-week low in volatile trade on Friday, as investors took profit from its run to a record high and as another upside surprise on U.S. inflation dimmed prospects of early rate cuts there and dented demand for riskier assets.
Bitcoin fell more than 5% in the Asian session to bottom at $66,629.96, before paring some of its losses to last trade 3.5% lower.
The choppy moves in the world's largest cryptocurrency came a day after its charge to a high of $73,803.25, setting a new record for a fourth straight day.
«Bitcoin has an established history of getting volatile and ruthless after hitting (a) record high,» said Matt Simpson, senior market analyst at City Index.
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View Details» «And not only did it recently hit a new high, but it looks like the (Federal Reserve) won't be as dovish as traders had hoped.»
A slew of data out on Thursday showed that while U.S. retail sales rebounded less than expected in February, producer prices increased more than expected.
The releases came on the heels of U.S. consumer price data out earlier in
