Tuesday, August 16, 2022
Home Latest News Bitcoin News Bitcoin Ends a Six-Day Losing Streak and Remains Above $40,000

Bitcoin Ends a Six-Day Losing Streak and Remains Above $40,000

The largest cryptocurrency’s price appears to have stabilized after a nearly week-long downdraft that marked one of bitcoin worst-ever starts to a year.

Bitcoin’s price rose on Sunday, after snapping a six-day losing streak and avoiding a drop below the key psychological level of $40,000 that some cryptocurrency analysts had warned might trigger a steeper sell-off.

As of press time bitcoin (BTC) was changing hands around $42,100, up 2% over the past 24 hours, based on CoinDesk pricing. The cryptocurrency had been on the verge of a seven-day losing streak that would have been its longest since 2018, but the price turned around on Saturday, eking out a small gain, and has stayed on an upward trajectory since.

The price hadn’t fallen below $40,000 since September 2021, and is well off the all-time high near $69,000 reached in November, so there had been speculation that a drop below $40,000 might spur a deeper retrenchment.

“If the market has based at these levels, we might get that short squeeze we’ve been waiting so patiently for,” the Singapore-based crypto trading firm QCP Capital wrote Sunday on its Telegram channel.

January tends to be a seasonally weak month for bitcoin, but this year has been especially harsh, with the largest cryptocurrency still down 9% so far in 2022.

The market was roiled last week by the release of Federal Reserve minutes signaling that officials at the U.S. central bank were starting to discuss whether to take more aggressive steps to tackle an inflation rate now at its highest in almost four decades.

Many investors say bitcoin has benefited in recent years from the Fed’s ultra-loose, emergency monetary policy since the coronavirus hit the economy – including printing more than $4 trillion to bolster ailing traditional markets.

So a reversal of those policies was seen as a fresh headwind for bitcoin.

Source: CoinDesk

_______________________

About Skyhigh.Vip  

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Flexgigzz is the Asia leading marketplace for freelancers service and together with SOHO Learning Hub which is an online platform for short courses and both of them aims to be the number one provider in Asia. For growth industries such as E-Sport Authority which is dedicated to providing independent media coverage to all E-Sport News related from around the world and for the art world, there is Atelier Auction which is an investable art auctioneer and being in the art scene for decades.

- Advertisment -

Most Popular

DTI: There Is No Exact Rules Of Crypto

DTI or The Philippine Department of Trade and Industry waved off a Binance ban proposal, Due to the lack of regulatory stance on cryptocurrencies from...

ATM Installations Of Crypto Will Dominated By U.S.

ATM Installations Of Crypto Will Dominates By U.S. U.S. dominates crypto due to China our from the competition The US picked up the slack to become...

Indian Taxes Increase, Companies Decrease Amount Of Employee

Indian taxes increase! India's new cryptocurrency tax has dealt a heavy blow to the crypto exchanges in the country, A moment ago, an announcement related to...

Riot Blockchain Moves Their Miner To Texas

Riot Blockchain the Crypto mining firm start relocating their rigs Moving from its New York data facility, With the majority intended to end up in central...

Bitmex Banned Russians From Their Platforms

BitMEX is major cryptocurrency exchange It aims to increase compliance with the European sanctions against Russia By preparing to enforce major restrictions for its Russian users. Then...

ECB Officials Will Consider Newest Crypto Law

ECB officials will get ready for crypto growth As crypto grown so fast, Many countries started to prepare anything related to the digital assets Regulators from 19...

Rumors KuCoin Bankrupt, CEO Gives A Statement

KuCoin is a crypto exchange that used by many users these few times As we know that the line's condition these days shows not really...

U.S. Lawmakers: There Is Inequality In Crypto Industry

U.S. Lawmakers seeing a problem A problem in crypto industry development According to some U.S. lawmakers in the House Financial Services Committee, The lack of diversity in...

Grayscale Investments File Disapproved, CEO Disappointed

Grayscale Investments launched a legal challenge It against the Securities and Exchange Commission (SEC) Previously, they are denied to convert their application From Grayscale Bitcoin Trust (GBTC) Into...