Bitcoin Recovers Somewhat, but It’s Still Enduring a Losing Streak
Categories: Crypto News US
Bitcoin Has Gone Back Up… A Little The bad news, however, is that bitcoin is still not in a stellar place, and it’s recently closed a roughly two-month period in which the currency repeatedly dropped. The asset went eight full weeks slipping into the darkness and losing value. This is the longest losing streak the digital asset has ever experienced.At the time of writing, bitcoin has risen by close to ten percent. Bear in mind that this article is being written more towards the middle of May – right after the digital currency dropped to around $27,000 per unit, the lowest it’s been since 2020. However, now the currency has risen back above $30K, suggesting that perhaps some investors are getting their appetites for risky assets back. Despite all this, however, the currency is still well below the $45,000 mark it was experiencing last February as the war in Ukraine broke out and more than 50 percent below the $68,000 all-time high it reached six or seven months ago in November. Overall, the currency is experiencing the longest stretch of weekly losses in its 13-year history, and prior to 2022, the asset had not logged back-to-back losses like it has now.Much of the recent plunge is being attributed to a moment in time when Terra USD – an algorithmic stable currency – lost its peg to the dollar and fell close to a price of $0 along with its digital counterpart Luna. The ugly streak also seemed to make its way into Tether territory, as the popular stable coin saw itself trading for less than $1 for the first time.