Home / Bitcoin / Bitcoin extends the crisis, on track for the third consecutive weekly loss

Bitcoin extends the crisis, on track for the third consecutive weekly loss

Most of the major digital currencies were traded on Friday in New York, extending what was a forced elongation that canceled about $ 60 billion from the total market value of cryptocurrencies since Monday morning.

Bitcoin, the world's largest cryptocurrency, is trading below $ 8,000 on Friday, as regulatory uncertainty is keeping buyers on the sidelines. A single bitcoin

BTCUSD, + 1.46%

The last trade was $ 7,485.63, down 0.9% from 5.00pm. Thursday, the Eastern United States levels on the Kraken cryptocurrency exchange.

Having opened over $ 8,500 on Monday, digital currency no. 1 of the world is on track to lose 10% this week and record the third consecutive weekly decline, a dubious venture that has not been managed since September 2017.

Weekly chart BTC / USD

To read: Opinion: This is all that would be needed for bitcoin to become a worthless cryptocurrency

Can miners save bitcoins?

As the price of the bitcoin continues to slide, some participants are looking for the miners to save the day. Despite the price drop, the hash rate, which reflects the amount of computing effort spent by those who digitally choose bitcoins, continues to increase. That rate hike suggests that the interest in bitcoin remains high, even when prices fall.

"If the hash rate were to decrease consistently with the price, then there would be grounds for concern.This would tell us that the miners are less interested in extracting bitcoins and could focus on the extraction of other cryptocurrencies or less on the & # 39; mining, "wrote Naeem Aslam, chief market analyst at Think Markets.

"It seems to me that miners are taking a long-term view on bitcoin and cryptocurrencies, ignoring short-term downward trends in the market."

Altcoin and futures on the track for another losing day

Altcoins or bitcoin alternatives also saw an approximate trading patch. Ether

ETHUSD, + 0.15%

is the only one to show earnings, rising from 1% to $ 595.90, Bitcoin Cash

BCHUSD, + 5.67%

lost 2.4% to $ 1,025.60, Litecoin

LTCUSD, -0.10%

fell 2.9% to $ 119.44 and Ripple's XRP currency

XRPUSD, + 1.12%

the last one traded at 60 cents, down 4.5% on the day.

Futures markets are traded lower on Friday. The Cboe June contract

United States: XBTM8

it is down 1% to $ 7,486, while CME's May contract

United States: BTCK8

is down 1.2% to $ 7.490.

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