What happen to Bitcoin market last week?
Bitcoin price fell by 11% last week, from $29,660 on August 11 to $26,000 on August 18. This was the biggest weekly decline since FTX’s collapse in January 2023.
There are a few reasons for the selloff. One reason is the ongoing selloff in the stock market. The S&P 500 index fell by 4% last week, and this weighed on risk assets like Bitcoin.
Another reason is the liquidation of Bitcoin futures positions. As Bitcoin price fell, many investors who had shorted Bitcoin were forced to liquidate their positions, which further drove the price down.
Finally, there were some negative news stories about Bitcoin last week. For example, Elon Musk’s SpaceX was reported to have liquidated its Bitcoin holdings. This news added to the selling pressure on Bitcoin.
As of today, Bitcoin price is trading at $26,133.20. It is still down 5.88% from its 7-day all-time high of $29,660.57. It is also down 8.75% from its 7-day all-time low of $25,669.49.
It is difficult to say what will happen to Bitcoin price in the coming weeks. However, the current selloff is a reminder that Bitcoin is a volatile asset and that investors should be prepared for sharp price swings.
Invest wisely and continue to invest to your self development.
