Bitcoin Sees 7 Straight Weeks of Losses for First Time
Bitcoin (BTC) has had seven straight weeks of losses for the time first in its history amid a downturn in broader markets, stricter crypto regulations, waning retail interest and systemic risks in the crypto sector, data shows.
Bitcoin neared the $47,000 level in mid-March in a run that lasted a couple of weeks after a fall to $37,000 from November’s lifetime highs of nearly $69,000. The asset has since slid every week and could fall to as low as $20,000 if current market conditions continue.Bitcoin, the world’s largest cryptocurrency by market capitalization, has been long positioned as a hedge against inflation.
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