Bitcoin Heads for Worst Week In 8 Months

By THOUSIF INC

The price appeared to stabilize around $35,000, but it gallows humor-filled social media sites.

As more than $1.5 billion of traditional positions were liquidated.

Bitcoin appeared to stabilize on Sunday after an unusually harsh sell-off.

However, the most prominent cryptocurrency was still on track for its worst weekly performance in eight months.

As of press time, bitcoin was changing hands just below $35,000, up 1.6% over the past 24 hours.

More than $1.5 billion of bitcoin trading positions were liquidated over the past three days due to margin calls, according to the data site Coinglass.

The bitcoin price has been down 19% in the past seven days, the cryptocurrency's worst weekly performance since May 2021.

When fears of China's renewed crackdown on cryptocurrency trading.

Moreover, mining sent the market reeling tweets by Tesla CEO Elon Musk.

Focused public attention on the Bitcoin blockchain network's potential environmental harms.

This time around, crypto traders appear to be pricing in fears that the Federal Reserve will move quickly over the next few months.

To tighten monetary conditions that have been at historically loose levels since the coronavirus struck the economy in March 2020.

As a result, the Fed's stimulus included trillions of dollars of money printing.

Was widely cited as a reason for bitcoin's price gains in 2020 and 2021.

Including the ascent to an all-time high price of $69,000 in November.

The latest shakeout left bitcoin down by roughly half from that record price.

In a stark reminder of just how volatile cryptocurrency markets can be.

David Duong, head of institutional research for the extensive U.S. cryptocurrency exchange Coinbase, wrote Saturday in a report.

"One of the bullish drivers for crypto over the last two years has been the surplus of pandemic-related fiscal and monetary stimulus globally."

"And much of that is coming to an end." 

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