Bitcoin on Way for Weekly Loss on Fading Stimulus Hopes

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Bitcoin slipped on Friday as it looked sure to close the week at a loss in the remaining three days of trading. The benchmark cryptocurrency was down $230, or 2 percent, to $11,279 per token by 0456 UTC. It lost 0.7 percent so far in the week. Its downside mood resurfaced as the US dollar surged and hopes of finalizing the second coronavirus deal before the presidential election faded. The US dollar index was looking to post its first weekly gain in three. The US Dollar Index is looking more assertive this week on renewed flight t safest haven assets. Source: DXY on A resumption of stimulus talks earlier this week had prompted the Bitcoin price to grow by up to $1,000. Another fundamental tailwind was institutions that increased their exposure in the cryptocurrency against their long-term inflationary outlook. But after US Treasury Secretary Stephen Mnuchin proposed to limit…

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