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Bitcoin sank to a four-month low on Friday, breaking below technical supports as traders anticipated the dumping of long-lost tokens from a defunct Japanese exchange and further selling by momentum-spooked leveraged players.
The price of the world’s largest cryptocurrency slid more than 8% to $53,523, below chart support around $55,000 and its lowest since late February.
It has lost some 12% for the week so far, even as many of the risk-sensitive assets it tends to track, such as the Nasdaq, have gained.
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