World’s largest cryptocurrency has set a new record nine-week losing streak
Bitcoin, the largest cryptocurrency, posted nine consecutive weeks of losses, extending its record losing streak.
It ended the week down 2.70% to $29,448 on the Bitstamp cryptocurrency exchange. The largest cryptocurrency shed 37.24% in roughly two months.
The start of the new week is promising for bulls, with Bitcoin adding more than 4% overnight. The cryptocurrency peaked at $30,884 before pulling back slightly to the $30,600 level.
Last week, the cryptocurrency market kept underperforming despite the stock market finally seeing a significant recovery. The tech-heavy Nasdaq, which tends to trade in lockstep with Bitcoin, managed to log its best week since November 2020 and put an end to its seven-week losing streak, surging by more than 6%.
The spike in inflation apparently paved the way for the recent stock market rally. The widely followed PCE price index slowed to 6.3% in April from 6.6% in March. However, more data will be needed to confirm the trend.
While there are growing signs of cooling inflation, it remains well above the coveted 2% level, which is why the Federal Reserve is likely to continue hiking interest rates throughout the remainder of the year.
Bitcoin could be on the verge of bottoming out
Ki Young Ju, CEO of cryptocurrency analytics platform CryptoQuant, believed that Bitcoin was close to the cyclical bottom in a recent tweet.
The analyst claims it is “pretty obvious” that Bitcoin is currently in another accumulation phase despite macro not being good.
As reported by U.Today, crypto bull Mike Novogratz predicted that Bitcoin will lead the next rally.
