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Cryptos: Bitcoin selloff has more room to go, says analyst

After a Thanksgiving respite, the crypto selloff has resumed with all major coins trading lower on Friday and on track to log their third consecutive weekly declines.

Bitcoin, BTCUSD, -4.17% the world’s largest cryptocurrency, was last changing hands at $4,259.80, down 3.8% since 5 p.m. Eastern Time on the Kraken crypto exchange a day earlier and lower by 23% since the start of the week.

And for one analyst, the end to the crypto demise is far from in sight.

“Bitcoin is likely to move even lower after a failed attempt to break above the $4,700 level.

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