BTC Closes Another Week Under $50k

Bitcoin opened last week at $50k and soon started dropping, touching $45k. On Tuesday and Wednesday, BTC somewhat recovered yet remained under $50k. During the rest of the week, Bitcoin’s price, volatility, and trading volumes gradually declined. BTC closed the week 6.7% lower at $46,681.

Most alts did not do much better. ETH (-4.98%) mostly followed BTC’s trends, trading under $4k for most of the week. BNB (-7%) did worse. And ADA (-7.6%) extended its fifth consecutive week of losses, now down 60% since its all-time high. However, some tokens posted gains.

For example, Yearn.Finance has announced that it bought back $7.6 million worth of YFI token, which closed the week with +21%. Arweave’s AR (+41%) did even better, breaking out after six weeks of continuous sell-off.

The Stoic portfolio holds both tokens.

CRYPTO ECONOMY LOSSES

The crypto economy has slid in value 2.9% during the last 24 hours and bitcoin slipped under the $46K price zone on Monday. Furthermore, the top ten digital currencies have lost anywhere between 3% to 7% in value during the last day following bitcoin’s price slide.

The price of bitcoin (BTC) is down 3.7% today and trading for $45,738 per unit at the time of writing. While year-to-date, bitcoin is up more than 90% in value, during the last 30 days BTC shed 21.8%. Currently, BTC has a market valuation of around $864 billion which represents 38.6% of the $2.24 trillion crypto economy.

The second-largest crypto asset in terms of market valuation is ethereum (ETH) and it has slid 4.4% during the last 24 hours and 8.7% during the last day.

SOURCE: Stoic – News.Bitcoin.com