Bitcoin slumped 7% to near $35,500, recalling levels seen in the crypto meltdown last week as traders brace for fresh volatility over the long weekend.
Prices across digital tokens took a hit as Bank of Japan Governor Haruhiko Kuroda joined a growing list of central bankers expressing skepticism about the industry’s usefulness in the real world.
Now, retail players are set to dominate the coming trading sessions on typically thin exchange volumes.
“Looking at the unrest across the crypto market, there is a chance that we see another hectic weekend trading in Bitcoin and other cryptocurrencies,” said Ipek Ozkardeskaya, a senior analyst at Swissquote.
Prices spiked 10% last Saturday, only to plunge by 18% the next day.
“Most of the trading is speculative and volatility is extraordinarily high,” Kuroda said in an interview Thursday. “It’s barely used as a means of settlement.”