Crypto crash: Bitcoin down for an eighth straight week

Crypto crash: Bitcoin down for an eighth straight week

New York: Crypto had another bad week - and it may only get weirder. Bitcoin led a decline in digital assets across the whole crypto spectrum, with the world’s largest token set for an eighth straight weekly loss in its longest such slump since August 2011. Bitcoin fell about 2.2 per cent on Friday to $28,800 as of 1 pm 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 decentralized finance. Altogether, the crypto market has lost some $500 billion in market value so far in May, a 29 per cent plunge. For a second day, cryptocurrencies declined even as risks assets such as stocks rose, marking a break from their recent lockstep relationship - and a sign of shaky conviction that could portend a worrisome trend. The market’s swoon “took a lot of confidence out of the asset class,” Matt Maley, chief market strategist at Miller Tabak + Co., said by email. “Therefore, as investors become a little more confident about the markets in general, they’re looking at other