The all-time record was set in 2014, when the mark stood for six weeks.
Bitcoin has lost eight consecutive weeks. This week, the record was broken by Bitcoin’s second consecutive week of losing.
According to BitStamp data, Bitcoin closed Monday at $30,287 compared with $31,300 on May 16. As of today’s writing, the price was around $29,375.
The previous record for consecutive losing week was six during Bitcoin’s 2014 bear markets. It steadily dropped from $507 to $223 between August 25 and October 6.
The year’s downward streak started in March. It began at $46,900 on March 28th, when Terra announced that it would buy $10 billion of Bitcoin to replenish its stablecoin reserves. The Federal Reserve tightening its monetary policy, and TerraUSD’s collapse completely, have caused Bitcoin’s prices to plummet almost 38%.
Other coins were also hit. Cardano and Ethereum are also down, with 41% and 33% respectively, due to LUNA’s fall. Additionally, revenue for crypto-focused companies such as Block and Cryptobase fell significantly between Q4 2021 and Q1 2022.
On-chain data from February has indicated Bitcoin is in a bearish market. Barry Jiang, Huobi Research Institute, stated earlier this month that Bitcoin could drop to $21,000 before there is a rebound.
Last week, Bitcoin’s Fear and Greed Index – a combination of variables measuring sentiment in the market – gave a single-digit reading just 8, which is the lowest reading since March 2020’s COVID-19-related crash.
Microstrategy CEO Michael Saylor seems less worried than others, who have more Bitcoins than anyone else. Andrew Kang , the new CFO, clarified last Wednesday that the company does not plan to sell any of its 129,000-plus reserves.
He stated that there is nothing fundamental about Bitcoin that we believe could pose any problems to our strategy.
