Bitcoin recorded seven consecutive weeks of losses

The main cryptocurrency, bitcoin, has registered, for the first time in its history, seven consecutive weeks of losses, reaching a price of 24,000 dollars

Bitcoin, the cryptocurrency with the largest market capitalization, has registered losses for seven consecutive weeks, which has become a new historical record for the cryptocurrency in the midst of an increasingly complex market due to the strict regulations that some have been taking. countries and “systemic risks in the crypto sector”

The value of the currency registered a minimum of 24,000 dollars in the midst of a significant market decline and where “the stable currency (USDT) briefly lost its parity with the US dollar” in the midst of the catastrophe suffered by “LUNA from Terra and its stablecoin terraUSD (UST).”

In November 2021, Bitcoin reached historical highs of almost 69,000 dollars, reversing its value. Later in mid-March, it experienced another growth for 2 weeks, to reach $47,000.

Then it presented another fall that placed it at $37,000 and since then the coin has been experiencing a weekly decline and some analysts believe that it could reach $20,000 if market conditions continue.

Alex Kuptsikevich, market analyst at FxPro, believes that the trend of selling digital currencies in bullish currents will continue. “We expect the bears to not loosen their grip in the coming weeks. In our opinion, there may not be a change in sentiment until it approaches the 2018 highs area near $19,600,” the analyst said.

Impact of inflation on bitcoin

The world’s largest cryptocurrency was held for a long time as an option for citizens to protect themselves from inflation because “it was an investment that protects against the decline in the purchasing power of currencies or other assets.” However, the behavior of the currency has shown that it is closely related “to global markets and has traded similarly to risky technology stocks.”

For some analysts, the trend of inflation has impacted the behavior and decline of Bitcoin in recent weeks. Lloyd Blankfein, former CEO of Goldman Sachs, noted that the US economy is at risk and that environment could impact cryptocurrency and “trigger more sell-offs in the coming weeks if the current correlation continues.”

M. Rodríguez


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