Geopolitical concerns appear to have put an end to bitcoin’s robust comeback, which saw the cryptocurrency gain almost $40,000 in the first half of February. On Tuesday, the price of Bitcoin plummeted below $37,000, indicating a 15 percent loss in the last seven days.
bitcoin price is currently trading in the $38,122.55 range with the weekly losses amount to 13.39%. The current market cap of flagship currency is $722,901,375,884 with the 24-hour trading volume near $24,587,217,367.
The recent bitcoin price change is seen to restore the previous value. If it continues to make gains, there are chances that it will reach the previous value of $45K, or even more than that.
Other major cryptocurrencies, such as Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), and Cardano (ADA), have all fallen more than 10 percent since mid-February.
Cryptocurrency Bloodbath to Continue?
Bearish patterns in the Bitcoin (BTC) market may not be ending anytime soon. According to a Bloomberg expert, Bitcoin is in for another difficult week. This is because inflation is unlikely to fall unless risk assets fall in value, which has yet to materialize.
Mike McGlone, Bloomberg’s top commodities strategist, noted this in a tweet about the relationship between the Bitcoin market, risk assets, and inflation.
While Bitcoin’s short-term forecast predicts market turbulence, the leading cryptocurrency is on track to start a new trend. McGlone remarked that the majority of assets in the market will respond to the “ebbing tide” in 2022, referring to the Fed’s financial policy tightening.
“Most assets are subject to the ebbing tide in 2022, on the inevitable reversion of the greatest inflation measures in four decades, but this year may mark another milestone for Bitcoin,” McGlone said.
Ethereum and stablecoins, which he refers to as “crypto dollars,” are other favorites of the strategist. Bloomberg’s team of analysts anticipated that Bitcoin’s next big price level would reach $100,000 in the report.