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For the first time in its history … Bitcoin records the eighth weekly closing in red

For the first time in its history … Bitcoin records the eighth weekly closing in red

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Answer For the first time in its history … Bitcoin records the eighth weekly closing in red

In the past 24 hours, the largest cryptocurrency reached an intraday high of around $30,500 on cryptocurrency exchange Bitstamp.

However, this did not satisfy it at the weekly closing, and it closed negatively at the level of $30,293.

With the last negative weekly close, for the first time, Bitcoin achieved the longest consecutive weekly descending line.

Over the past few weeks, Bitcoin has lost nearly 36% of its value, and is currently trading just above the $30,000 level.

Bitcoin has suffered a double whammy from unfavorable macro conditions and the collapse of the Terra crypto ecosystem.

Read:Hackers Hack McAfee Cryptocurrency Wallet

Last week, the world’s largest cryptocurrency fell to $25,401, the lowest level since December 2020.

Despite being billed as a hedge against inflation, bitcoin is down 36.58% since the beginning of the year.

Bitcoin has underperformed in line with other risky assets such as technology stocks.

In fact, Bitcoin’s correlation with the NASDAQ 100 reached a new all-time high earlier this year.

Galaxy Digital CEO Mike Novogratz recently warned market participants to expect a sharp shift in market sentiment, claiming that it would take more time for stocks and cryptocurrencies.

He also predicted that the prominent altcoins could drop another 70% from their earlier peaks.

On May 17, the cryptocurrency fear and greed index hit its lowest level since May 17 and reached 8/100, the lowest since the collapse caused by the Corona epidemic that occurred in March 2020.

Currently sentiment towards Bitcoin remains in “extreme fear” territory, while the price of Bitcoin is struggling to maintain the $30,000 level.

Read:4 years after launch…How much is the trading volume on Uniswap?

Read also:

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