Bitcoin Shows Signs of Bottoming Out After 9 Weeks of Losses

Bitcoin Shows Signs of Bottoming Out After 9 Weeks of Losses

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Bitcoin (BTC) added 5.6% in the past 24 hours to rise over $30,000 during Asian trading hours on Monday in a brief show of strength amid a record losing streak, data shows.

The asset has slid for nine straight weeks for the first time in its history, falling from the $48,160 level in late March to last week’s close of $29,600. The drop came alongside inflation concerns in the broader economy, a move away from risk assets, and systemic risk from within the crypto industry.