Bitcoin Heading For Its Worst Weekly Loss in a Month

Bitcoin is experiencing volatility on Friday, January 22nd and is heading towards its worst weekly decline since September, as concerns about regulation and its overheating push it back from record highs reached recently.

The world’s most popular cryptocurrency fell by more than 5% to its lowest level in nearly three weeks at 28,800 dollars in early trade in Asia, before stabilizing near 32,000. The currency has lost 11% since the start of the week, the biggest decline since it fell 12% in September.

Bitcoin is trading more than 20% lower than its record high of $ 42,000 reached two weeks ago, incurring losses as concerns grow that it is one of several price bubbles and as cryptocurrencies are gaining attention from regulators.

The second-largest cryptocurrency, Ethereum, initially fell to its lowest level in a week on Friday, before rising 6% in the late Asian session to $ 1,177.