Bitcoin, Ethereum Both Dropped Roughly 8% Over the Past Week
Bitcoin EthereumBitcoin, Ethereum Parehong Bumaba ng Halos 8% Sa Nakaraang Linggo09 / 02 / 2022Balita ng Ethereum ng Bitcoin Top cryptocurrencies, including Bitcoin (BTC) at Ethereum (ETH), have posted severe losses over the past week. Bitcoin, the leading cryptocurrency with a market capitalization of roughly $382 billion, has plummeted 7.9% over the past week. It trades at around $19,990, down 1.6% over the past 24 hours, per data from CoinMarketCap. Bitcoin held range-bound this week, trading between a weekly high of $21,804.91 and a low of $19,600.79. The weeks bearish price action puts Bitcoin down 71.07% from its historical all-time high of $68,789.63 recorded in November 2021, according to data from CoinMarketCap. Bitcoin long trades worth $166.42 million have been liquidated over the past week, too, per data from coinglass. Short positions worth $85.37 million were liquidated over the same period. Green bars represent blown-out Bitcoin long positions. Source: coinglass. The reason behind Bitcoins bearish week is likely the hawkish comments on the upcoming rate hike by U.S. Fed Chair Jerome Powell. Another 75-basis point hike is expected when the Fed meets later this month. Ethereum follows Bitcoin Despite the merge event just around the corner, Ethereum has also lost over 8% in the last week. On a daily note,