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Bitcoin posts worst weekly performance since FTX bankruptcy in 2022
Monday 05 , August 2024 09:03 | EconomicNumber of readings: 103
[rtl]Baghdad / NINA / Bitcoin is under pressure from a bout of risk aversion in global markets that has cost the largest digital asset its biggest weekly loss since the collapse of the FTX exchange in 2022. The
original cryptocurrency fell 6.3% to $55,414 on Monday morning, after losing 13.1% in the seven days to Sunday, the biggest loss since the FTX bankruptcy period. Smaller currencies such as "Ether" and "Dogecoin" also suffered losses.
The declines come as global stocks intensify their sell-off, reflecting concerns about the economic outlook and questions about whether massive investment in artificial intelligence will live up to the hype surrounding the technology. Geopolitical tensions are escalating in the Middle East, adding to investors' concerns.
Bitcoin exchange-traded funds in the United States suffered their largest outflows in about 3 months on August 2. The digital asset also fell below its 200-day moving average price.
The latest chart pattern “opens the way for a deeper pullback” toward $54,000, IG Australia Pty.’s Tony Sycamore, a market analyst, wrote in a note.
Bitcoin has been battered by a combination of factors since hitting a record high of $73,798 in March, including shifting political fortunes in the United States as cryptocurrency-friendly Republican Donald Trump and Democratic Vice President Kamala Harris — who has yet to clarify her position on digital asset policy — compete in the presidential race.
Potential sales of bitcoin seized by governments and the risk of an oversupply of tokens returned to creditors through bankruptcy proceedings also hang over the market.
Bond traders have ramped up bets on U.S. interest rate cuts starting in September to support economic expansion. The recent turmoil in traditional markets “increases the likelihood of less restrictive monetary policy coming sooner rather than later — which is good news for crypto,” said Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC.
Bitcoin's advance has so far slowed to about 27%, compared to an 18% rise in gold and a 9% rise in the global stock index./End9[/rtl]
original cryptocurrency fell 6.3% to $55,414 on Monday morning, after losing 13.1% in the seven days to Sunday, the biggest loss since the FTX bankruptcy period. Smaller currencies such as "Ether" and "Dogecoin" also suffered losses.
The declines come as global stocks intensify their sell-off, reflecting concerns about the economic outlook and questions about whether massive investment in artificial intelligence will live up to the hype surrounding the technology. Geopolitical tensions are escalating in the Middle East, adding to investors' concerns.
Bitcoin exchange-traded funds in the United States suffered their largest outflows in about 3 months on August 2. The digital asset also fell below its 200-day moving average price.
The latest chart pattern “opens the way for a deeper pullback” toward $54,000, IG Australia Pty.’s Tony Sycamore, a market analyst, wrote in a note.
Bitcoin has been battered by a combination of factors since hitting a record high of $73,798 in March, including shifting political fortunes in the United States as cryptocurrency-friendly Republican Donald Trump and Democratic Vice President Kamala Harris — who has yet to clarify her position on digital asset policy — compete in the presidential race.
Potential sales of bitcoin seized by governments and the risk of an oversupply of tokens returned to creditors through bankruptcy proceedings also hang over the market.
Bond traders have ramped up bets on U.S. interest rate cuts starting in September to support economic expansion. The recent turmoil in traditional markets “increases the likelihood of less restrictive monetary policy coming sooner rather than later — which is good news for crypto,” said Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC.
Bitcoin's advance has so far slowed to about 27%, compared to an 18% rise in gold and a 9% rise in the global stock index./End9[/rtl]
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