Bitcoin Suffers Biggest Weekly Loss Since FTX Collapse, Falling 13%
CryptoNewsTerminal Staff04 Aug, 2024
Bitcoin Suffers Biggest Weekly Loss Since FTX Collapse, Falling 13%
BTC's price took a nosedive last week, marking its largest weekly decline (13.1%) since the FTX debacle in November, as reported by Bloomberg. This significant drop pushed BTC below its 200-day moving average, while the U.S. BTC spot ETF experienced its highest net outflow in three months on February 2nd. Since reaching its all-time high of $73,798 in March of last year, BTC has endured a turbulent trajectory influenced by various factors. Political uncertainty, ranging from former President Trump's pro-crypto stance to Vice President Harris's silence on digital assets, has played a role. Additionally, concerns about government sell-offs of confiscated BTC and the ongoing Mt. Gox repayment issues have further impacted BTC's price.
