Altcoins News
By Jean-Luc Maracon
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Bitcoin is experiencing its worst losing streak since 2017. Seven consecutive days in the red. It's painful.
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The leading cryptocurrency has lost 10% this week and is now at $59,500. Major holders are starting to offload their positions.
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Changpeng Zhao of Binance says it's normal.
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"The market is going through a natural correction," said the Binance CEO during a conference in Hong Kong. He believes these adjustments are necessary for the market's health.
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Speculators are turning to Ethereum. ETH is up 2% this week. Not a huge gain, but better than Bitcoin. Vitalik Buterin remains optimistic about his platform.
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Grayscale Bitcoin Trust is also losing value.
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The fund saw its net asset value drop on February 6. The managers have yet to comment. Radio silence. Meanwhile, Jack Dorsey continues to defend Bitcoin.
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Glassnode data shows something interesting. The number of bitcoins in long-term wallets is at a record high. This means some hodlers are keeping their coins despite the drop.
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Square is exploring new blockchain integrations according to an announcement on February 11. This gave Bitcoin a small boost. Very small. The downward trend remains dominant.
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Cathie Wood of Ark Invest keeps the faith. "Bitcoin's disruptive potential remains intact despite the volatility," she says. Her fund still holds a significant amount of crypto.
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The SEC remains silent on regulation. No new rules announced. Investors are waiting for clarifications. Uncertainty weighs on prices.
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In 2018 and 2022, similar declines preceded long bear markets. Industry veterans remember. They fear history might repeat itself. New investors are discovering crypto volatility.
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Exchange platforms are seeing their revenues fall. Less volume equals fewer commissions. Binance, Coinbase, Kraken... all in the same boat. They hope the storm will pass quickly.
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Some analysts talk of capitulation. Others see a buying opportunity. The market remains divided on the direction to take.
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Bitcoin miners are also feeling the pressure. Riot Blockchain and Marathon Digital saw their shares drop by 18% and 22% respectively this week.
The Currency Analytics
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