Crypto limps to weekend after hammer blows from Musk, china, and tax

Despite downside risks and this week's volatility -- which saw Bitcoin slide about 31 per cent and jump roughly the same percentage on Wednesday -- crypto bulls are undaunted

The cryptocurrency market nursed its wounds Friday after a week of pain triggered by a Chinese regulatory warning shot, forced selling and a possible US tax clampdown.

If that wasn’t enough, Bitcoin believers are still fuming after onetime proponent Elon Musk did an about-face and criticized the token for its energy usage. Bitcoin fluctuated around $40,000 in Asian trade, down about 9 per cent on the week though up from a Wednesday plunge toward $30,000. Other coins have slumped too, such as Ether’s 17 per cent weekly nosedive.

The sour stretch for digital tokens started with Tesla Inc.’s billionaire founder Musk suspending