Bitcoin drops 0.5% to $89,517

The crypto was headed for a 5% decline this week

 Bitcoin dropped on Friday, capping off a week of weakness as cooling tensions over the U.S. and Greenland and a major buy strategy did little to shore up appetite for cryptocurrencies.

Safe havens like gold and other precious metals surged to record highs on increasing demand for physical assets, with Bitcoin largely lagging bullion.

The world’s largest crypto dropped 0.5% to $89,517.3 by 05:53 GMT.

While Bitcoin saw some gains after Trump softened his rhetoric over Greenland earlier this week, the world’s largest crypto largely reversed course and came back in sight of one-month lows.

The crypto was headed for a 5% decline this week, taking little support from top corporate holder Strategy Inc disclosing a $2.1 billion Bitcoin buy.

Strategy has also emerged as a source of concern for Bitcoin in recent months, as markets questioned the long-term viability of its Bitcoin treasury strategy, especially amid persistent underperformance in Bitcoin’s price.

The delay of a long-awaited crypto regulatory bill also weighed on Bitcoin and broader crypto prices, after top U.S. exchange Coinbase Global Inc opposed the bill in its present form.

The Coinbase Bitcoin premium index, which measures the gap between Bitcoin’s U.S. price on Bitcoin and the global average, showed the crypto trading at a nearly consistent discount in the U.S. since mid-December. This indicated that retail appetite for Bitcoin in the world’s largest crypto market remained largely weak.

Broader crypto prices dropped in tandem with Bitcoin, and were set for much larger declines this week.

World no.2 crypto Ether declined 2.4% to $2,946.35, and was also headed for a 11.2% weekly loss.

XRP shed 1.5%, while BNB declined 0.1%, with both cryptos set to lose between 6% and 8% this week.

Solana and Cardano shed 1.5% apiece, and were also down about 10% each this week.