Bitcoin has had a very bad week and continues to fall – Bloomberg
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Bitcoin continues to fall in price, extending the losses suffered during the past week – the worst since last November.
About this informs Bloomberg.
“The biggest digital asset fell nearly 1% to $26,000 as of the morning of August 21, trading at two-month lows, after losing more than 10% over the previous seven days,” the agency reported.
Also, such cryptocurrencies as Ether and XRP show a tendency to become cheaper.
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“The prospect of an increase in the cost of long-term loans reduces the demand for riskier investments in global markets,” Bloomberg explains the trend.
It is noted that long-term yields on US Treasury bonds are at multi-year highs. This is part of a strategy to sell off global bonds amid a prolonged period of tight monetary policy aimed at curbing inflation.
“This backdrop portends tight liquidity, which will create problems for riskier assets such as stocks and cryptocurrencies,” the report said.
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According to analysts’ forecasts, Bitcoin will continue its decline to the level of around $25,000.
At the same time, there are estimates that Bitcoin could be on the verge of a deeper fall if it falls below $25,700.
We remind you:
On the night of Friday, August 18, the main cryptocurrencies at night suddenly dropped by 10% – the price of Bitcoin temporarily even dropped below $26,000.
Bitcoin’s fall last week was the biggest since the collapse of the FTX cryptocurrency exchange in the last quarter of 2022.
Last week, one of the reasons for the sudden collapse of the crypto market was a publication in the Wall Street Journal that Elon Musk’s SpaceX reduced its Bitcoin reserves by $373 million, which the company purchased in 2021-2022.
But despite the drop, the value of Bitcoin is still much higher than at the beginning of the year, when it was worth $16,500.
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