Bitcoin Extends Record Streak of Weekly Losses to Eight

Down eight weeks in a row, Bitcoin for the second straight week has set a record for the most consecutive losing weeks.

Compared with a May 16 closing figure of $31,300, Bitcoin closed Monday at about $30,287, according to BitStamp data. Today’s price, as of this writing, was about $29,375.

Before last week’s record seventh straight week of red candles, the previous mark for consecutive losing weeks was six, during Bitcoin’s 2014 bear market. Back then, it steadily fell from $507 to $323 from August 25 to October 6.

This year’s negative streak began in late March, from a high of $46,900 on March 28, when Terra announced it intended to buy $10 billion in Bitcoin for its stablecoin reserves. 

But with the Federal Reserve tightening monetary policy and the TerraUSD project having collapsed entirely, Bitcoin’s price has fallen almost 38% since then.

Other coins have been slammed as well. Besides LUNA’s collapse, Ethereum and Cardano are down 33% and 41% on the month, respectively. 

Furthermore, crypto-focused companies like Block and Coinbase, which thrive on the sales of digital assets, saw major declines in revenue from Q4 2021 to Q1 2022.

On-chain data since February has indicated that Bitcoin is in a bear market. Barry Jiang at Huobi Research Institute said earlier this month that he believes Bitcoin could still drop as low as $21,000 before signs of a rebound.

Last week, Bitcoin’s Fear and Greed Index—a combination of variables measuring market sentiment—gave a single-digit reading of merely 8, the lowest since the COVID-19-related crash of March 2020. 










Post a Comment

Previous Post Next Post