Bitcoin slides in worst weekly drop since march amid selloff

Bitcoin’s rally hit a speed bump as the world’s largest cryptocurrency witnessed its worst weekly decline in almost a year amid wider losses in risk assets.

The digital token slumped 20% this week, the most since the pandemic-fueled selloff last March. The wider Bloomberg Galaxy Crypto Index, tracking Bitcoin, Ether and three other cryptocurrencies, was down 23% for the same period.

Bitcoin fell 5% to trade at $45,672 as of 5:00 p.m. in New York, according to consolidated pricing compiled by Bloomberg.

“It is a market that was ridiculously overbought and will probably be so once again in the not-too-distant future,” Craig Erlam, a senior market analyst at OANDA Europe, said in a note Friday.