Bitcoin suffers eighth straight weekly loss as investors turn bearish on cryptos – The National

Bitcoin suffers eighth straight weekly loss as investors turn bearish on cryptos – The National

Cryptocurrencies had another bad week — and it may only get weirder.

Bitcoin led a decline in digital assets across the whole cryptocurrency spectrum, with the world’s largest token set for an eighth straight weekly loss in its longest such slump since August 2011.

Bitcoin fell 2.4 per cent on Friday to about $28,700 as of 5pm in New York, buffeted by both the macro headwinds of Federal Reserve monetary tightening and the crypto-specific fallout from this month’s implosion of the TerraUSD algorithmic stablecoin, which continues to weigh on digital assets — particularly those related to decentralised finance.