[Coingap – 30/5/21] After showing some good momentum northwards over the last week, Bitcoin (BTC) is down today by 9% wiping out all its weekly gains. Over the last week, central banking authorities have been attacking Bitcoin for its recent volatility and the latest to join is Bank of Japan Governor Haruhiko Kuroda.
During an interview with Bloomberg, Kuroda noted that Bitcoin is “barely used as a means of settlement. Most of the trading is speculative and volatility is extraordinarily high,” he added.
Over the last two weeks, Bitcoin has exhibited massive volatility. First following Tesla’s reversal in decision with Bitcoin payment and later followed by China’s crackdown. Let’s take a look at Bitcoin’s weekly chart below. [Read more]