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The price of bitcoin fell as low as $25.4k late last week as markets continue to adjust to the new monetary policy landscape.
BTC dropped below $30k yesterday for the first time since July 2021 and is currently trading hands at $31.8k.
Currently trading at $38.5k, BTC has spent most of the past 7 days within the $38-40k range.
BTC price is down 3.3% this week, despite testing $40k multiple times.
This week has brought on a sea of red as crypto prices fell across the board.
Bitcoin has largely held firm this week, consolidating March gains, trading hands at $46.6k — down a modest 2% week-on-week
Sunday saw Bitcoin jump 5% in a matter of hours capping off a week of slow-but-steady momentum.
After a week of slow-but-steady momentum, analysts point to growing spot market demand as the driver of Sunday's sharp price appreciation.
Last week the EU voted against a ban on PoW cryptomining, a move that came as a relief to Europe's burgeoning bitcoin mining community.
Markets have been subdued of late and all eyes are currently on the Fed in anticipation of 2022's first rate hike, 25 basis points expected, set to be announced in Wednesday's meeting.
The spectre of supply-side shocks marks a compelling distinction between traditional physical commodities and so-called digital commodities.
For residents of both Russia and Ukraine, switching savings into bitcoin is a quick and censorship-free means of preserving wealth.
Risk assets are down across the board as the fears held by many geopolitical commentators edge closer to reality.
Hopefully, the ensuing economic fallout, not to mention dire human cost, is enough to dissuade the major players from escalating.
BTC’s inflation-hedge narrative may be winning out against its risk-on classification in the minds of institutional investors.
7 days of relief for investors as asset values have rebounded slightly since last week’s correction.
Many fear that even following large corrections over the past month, risk assets are still overpriced and sliding stock markets will likely drag crypto down with them.
Markets digest prospective US Federal Reserve rate hikes, with money flowing out of risk-on assets into safe-havens.
Meeting minutes revealed the looming spectre of monetary policy tightening, most notably higher than anticipated interest rate hikes.
What does 2022 have in store for crypto’s largest token? Many analysts expect institutional buy-in to continue driving prices.