Bitcoin’s Longest Losing Streak in 2024 Impacts the Cryptocurrency Market: Bitcoin recorded five consecutive days of decline,
marking the longest losing streak since last October.
This was part of an overall dip in digital assets with a market value of $500 billion,
raising questions about whether the cryptocurrency market recovery has peaked.
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The cryptocurrency market value fell to $2.4 trillion after a 17% decrease
following Bitcoin’s record high in mid-March when it reached $73,798,
according to data from CoinGecko and Bloomberg News.
The recent drop in Bitcoin warns of “upcoming problems” for global markets. Diminished flows into
US-traded Bitcoin funds and the potential for prolonged high U.S. interest rates negatively affected digital assets.
Last week, the launch of cryptocurrency exchange-traded funds in Hong Kong failed to improve market sentiment.
Despite challenges, many analysts remain optimistic. Benjamin Sillermayer, a digital asset investment manager at Magnet Capital,
noted that the bull market is not over yet and
expects Bitcoin to reach new record levels by the end of 2024.
Data in the derivatives market indicates that investors expect fewer fluctuations than
in the period following the launch of exchange-traded funds. Bitcoin stabilized at $61,660, while Ether rose by 2% to $3,009.