Bitcoin posts fourth consecutive weekly drop from all-time high

Bitcoin is down about 30% since reaching a record of almost $69,000 on Nov. 10.

Bitcoin posted its fourth consecutive weekly decline after a brief bounce triggered by a report showing U.S. inflation accelerated failed to unwind the negative sentiment that has recently gripped digital-asset markets. 

The largest cryptocurrency by market value has long been touted as an inflation hedge, in part because of its fixed supply. Bitcoin was little changed after initially rising as much as 4.4% to $50,101 in New York trading on Friday. It is down about 10% on the week. The coin has been bouncing around the $50,000 level since a weekend flash crash that saw it tumble as much as 21%