Cryptocurrencies
Bitcoin Drifts After Longest Run of Weekly Losses Since 2011
- Fundstrat’s Newton says further drop may be buying opportunity
- Bensignor expects four more weeks of ‘heaviness’ in price
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Bitcoin drifted around the $30,000 level it’s been hovering around since the collapse of the TerraUSD algorithmic stablecoin triggered a selloff in cryptocurrencies.
The largest digital token was down 0.6% to trade at $29,720 as of 3:02 p.m. in New York. It had moved higher earlier in the session, offering a reprieve to traders who watched it fall for seven straight weeks, the longest losing streak since August 2011, according to data compiled by Bloomberg. That mirrored the length of the declines in the S&P 500, underscoring how stocks and crypto remain closely linked.