Bitcoin Faces Fifth Consecutive Weekly Decline
Bitcoin is experiencing its fifth consecutive weekly decline—the longest losing streak since 2022—trading near $66,500 down 1.45%. Major altcoins are posting fresh losses with ETH at $1,945.70 (-1.81%), XRP at $1.41 (-4.01%), and SOL at $80.77 (-2.70%). MicroStrategy purchased another 2,486 BTC at $67,710 each, bringing its total to 717,131 BTC despite the average buy price ($76,000) being above current market value.
- The last comparable weekly losing streak for Bitcoin was in 2022, a period influenced by macroeconomic pressures and geopolitical instability. Some analysts are also comparing the current downturn to the 2018 bear market, which recorded six straight months of losses. - A broader "risk-off" mood is currently influencing markets, as investors pivot from more volatile assets toward stabler instruments amid geopolitical tensions and the prospect of tighter monetary policy from the Federal Reserve. - Market sentiment, as measured by the Crypto Fear & Greed Index, is in the "Extreme Fear" range, with a recent reading of 12 out of 100. This follows a period in early February that saw over $2.5 billion in forced liquidations in a single day. - Altcoins tend to fall more sharply than Bitcoin during market corrections, a dynamic often attributed to their lower liquidity and investors moving capital into Bitcoin or stablecoins for relative safety. - MicroStrategy financed its most recent acquisition of 2,486 BTC through the sale of the company's common and preferred stock. - The company's total holdings of 717,131 BTC were purchased for an aggregate cost of $54.5 billion, representing an unrealized loss of approximately $5.7 billion at current prices. - With its holdings, MicroStrategy now controls over 3.4% of the total 21 million Bitcoin that will ever be in circulation.
