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Market News Crypto Weekly Review, BTC Resumes Downward Trend

Crypto Weekly Review, BTC Resumes Downward Trend

Bitcoin is on track for its eleventh weekly loss in 11 weeks, with investor concerns over inflation and Fed monetary policy wreaking havoc on the cryptocurrency.

Jimmy Khan
2022-06-13
536

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After a short halt at the turn of the month, crypto market circumstances quickly worsened. Investors were unable to escape inflation fears as the markets recovered following the bankruptcy of (UST) and Terra LUNA.


On Friday, US inflation data hinted that free money may be on its way out sooner than many had thought.


Legislators' calls for more regulatory monitoring of the digital asset field heightened market anxiety this week.


Bitcoin (BTC) is set to suffer its tenth weekly loss in the last 11 weeks.


Before reversing, Bitcoin had a positive start to the week. The wider market was bolstered by hopes of a market bottom after the first weekly rise in 10 weeks.


Bitcoin rose 4.8 percent on Monday, rebounding to $31,700 before bowing to market forces.


Bitcoin has been down for five days in a row as of Sunday. A 4% drop for the week, barring a Sunday rally, would put bitcoin at its lowest weekly closing since December 21, 2020.


For the week ending June 12, bitcoin was down 4.73 percent to $28,507 at the time of writing. To make it a second week in a row, Bitcoin would have to finish the week above $30,000.


The NASDAQ 100, which closed the week down 5.60 percent, closely mirrored Bitcoin's fluctuations through Friday.


During the week, there was also an adverse link with WTI crude oil prices, indicating the impact of market mood on the crypto market.


In a bearish week for the Top Ten, the crypto bears regained control.


SOL is expected to drop 12% in the week ending June 12, marking the ninth straight weekly loss.


At the time of writing, ETH has dropped 15.13 percent to $1,500 levels, putting it in first place for the week. The possibility of a postponement of the switch to a proof-of-stake protocol contributed to the selling pressure.


BNB (-9.47 percent), DOGE (-13.80 percent), and XRP (-8.96 percent) were all losing money on a weekly basis.


The best-performing coin was ADA (-2.12%), with support before of the Vasil hard fork reducing the losses.


The overall crypto market worth reached a peak of $1,284 billion on Monday before falling to a low of $1,105 billion on Saturday.


Unless there is a broad-based crypto bounce on Sunday, the entire market value will decrease for the ninth week in a row, wiping off another $100 billion.

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