Bitcoin the world’s largest cryptocurrency has extended its record-breaking losing streak recording a fall for nine consecutive weeks
The most popular cryptocurrency, Bitcoin, has now lost nine weeks in a row, extending its record-breaking losing streak.
On the Bitstamp cryptocurrency exchange, it concluded the week down 2.70 percent at $29,448. In just over two months, the largest cryptocurrency has lost 37.24 percent of its value.
Encouraging Week For Bitcoin Bulls
The start of the new week has been positive for bulls, with Bitcoin gaining almost 4% overnight. The cryptocurrency reached a high of $30,884 before backtracking to $30,600.
Despite the stock market’s recent comeback, the cryptocurrency market continued to underperform last week.
The tech-heavy Nasdaq, which tends to trade in lockstep with Bitcoin, had its best week since November 2020, ending a seven-week losing skid with a gain of more than 6%.
The latest stock boom appears to have been aided by rising inflation. In April, the widely followed PCE price index fell to 6.3 percent, down from 6.6 percent in March. More data, however, will be required to corroborate the pattern.
While there are hints that inflation is slowing, it is still considerably above the desirable 2% level, which means the Federal Reserve will likely keep raising interest rates for the rest of the year.