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Bitcoin appeared to be stabilizing on Sunday after an unusually brutal sell-off, but the largest cryptocurrency was still on track for its worst weekly performance in eight months.
As of press time, Bitcoin (bitcoin) changed hands at just under $35,000, up 1.6% over the past 24 hours.Over the past three days, more than $1.5 billion in bitcoin trading positions have been liquidated due to margin calls, according to the data site coin glass.
Bitcoin prices have fallen 19% over the past seven days – the cryptocurrency’s worst weekly performance since May 2021, when fears were raised that China would crack down on cryptocurrency trading and mining again Take the market by surprise, and Tesla CEO Elon Musk’s tweet Bringing public attention to the potential harm to the environment of the Bitcoin blockchain network.
This time, cryptocurrency traders seem fear pricing The Federal Reserve will move quickly in the coming months to tighten monetary conditions that have been at historically easy levels since the coronavirus hit the economy in March 2020.Fed stimulus – including Trillions of dollars in money printing – Widely cited as a reason for Bitcoin’s price increase in 2020 and 2021, including Rising to an all-time high of $69,000 in November.
The latest shock, which saw bitcoin fall by roughly half its record price, is a stark reminder of the volatility in the cryptocurrency market.
“One of the bullish drivers for cryptocurrencies over the past two years has been the global glut of pandemic-related fiscal and monetary stimulus, much of which is coming to an end,” David Duong, head of research at major U.S.-based cryptocurrency exchange Coinbase, said Saturday at Coinbase. wrote a report.
Bitcoin crashes
Katie Stockton, founder of analytics firm Fairlead Strategies, said the price slump over the past week looked “emotional”.
“As swings are common, we will wait for confirmation of a break below cloud-based support (~$374,000) before taking a bearish long-term stance,” Stockton wrote.
El Salvador President Nayib Bukele Post on Twitter later Friday The bitcoin-friendly country took advantage of the price drop to buy 410 BTC for about $15 million, adding that “some are selling for very cheap.”
Bitcoin prices have not been this low since July 2021.
gallows humor Filled with social media sites like Twitter and Reddit, a clever user claims that Bitcoin’s price chart creates a pattern similar to the Pokemon species Pikachu pointy ears.
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