BTC Update

Bitcoin headed for its worst week in almost two months as a  proposed  capital-gains tax increase for wealthy Americans intensified the volatility whiplashing the world's largest cryptocurrency.

A fresh bout of selling on Friday drove Bitcoin down as much as 7.9% to $47,525 - below its 100-day moving average - as it continued to take out key technical levels. Wall Street analysts warn of further losses for the notoriously volatile currency that hit a record high of $64,870 on April 14 ahead of Coinbase Global Inc.'s listing, before succumbing to an unexplained weekend swoon.

This week's roughly 20% rout marks the worst period for Bitcoin since it tumbled amid a wider slump in risk assets at the end of February. Even digital currencies that have managed to eke out gains over the past few days, like Ether and the satirical Dogecoin , tumbled on Friday as the crypto space turned into a sea of ​​red.

“Bitcoin has slipped below the 50-day moving average support that it held sacrosanct through this rally,” said Pankaj Balani, CEO of Delta Exchange. “It looks like there is more downside here.”

Read more: Wall Street Starts to See Weakness Emerge in Bitcoin Charts

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