{"id":2004905,"date":"2023-08-18T13:39:42","date_gmt":"2023-08-18T17:39:42","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bitcoin-has-rough-week-plunging-11\/"},"modified":"2023-08-18T13:42:30","modified_gmt":"2023-08-18T17:42:30","slug":"bitcoin-has-rough-week-plunging-11","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bitcoin-has-rough-week-plunging-11\/","title":{"rendered":"Bitcoin&#8217;s week was turbulent, dropping by 11%."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbitcoin-has-rough-week-plunging-11%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2004905&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Bitcoin&#8217;s Worst Week \u200bof 2023: Over $1 Billion Liquidated in 24\u200c Hours<\/h2>\n<p>Bitcoin\u200d has experienced one of its most challenging weeks in\u200c 2023, with more than $1 \u200dbillion of \u200dthe cryptocurrency liquidated in the past 24\u200b hours alone.<\/p>\n<p>Currently\u200c valued at around $26,000, Bitcoin is approaching lows last seen during a June dip. This represents an 11% decline since the beginning of the week and nearly \u200d8% losses \u200bin just the past day. Other cryptocurrencies have also struggled this week,\u2062 with \u200dalmost all of the 100 largest coins\u2064 in the \u200bred.<\/p>\n<h3>Rising Rents Put Upward\u200c Pressure on Inflation<\/h3>\n<p>Ethereum, the second-largest\u2064 cryptocurrency, experienced a 5.5% drop on Friday, reaching approximately \u200b$1,660. Ripple, on the other hand, plunged nearly \u206320% since the start of the week, falling\u200c to about \u206251 cents per coin.<\/p>\n<p>It\u200b appears \u200dthat the pullbacks in the crypto market are influenced by \u2063broader macroeconomic factors, as well as a\u200b report about SpaceX. The market has\u200c been rattled by rising\u200d interest rates as the Federal Reserve continues to\u2064 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/great-resignation-quits-remain-near-record-high\/\" title=\"Great Resignation: Quits Remain Near Record High\">tighten monetary policy<\/a>, at least \u2062for\u2064 now.<\/p>\n<blockquote>\n<p>\u201cU.S. interest rates are rising to multiyear highs. The 10-year yield has pushed to 15-year highs. \u2062This is bearish risk assets in general,\u201d Decentral Park Capital trader Lewis Harland told CoinDesk. \u201cIf this sell-off in bonds continues, we could see <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bitcoin-has-rough-week-plunging-11\/\" title=\"Bitcoin's week was turbulent, dropping by 11%.\">continued negative price action<\/a> in risk assets into the weekend.\u201d<\/p>\n<\/blockquote>\n<p>In \u2063addition, concerns \u200dhave \u200cbeen growing \u200cabout China&#8217;s \u200deconomic situation and its \u2063potential impact on \u200cthe global economy. China is currently\u2063 facing several economic problems and is attempting to downplay \u2063the severity \u2062of \u2064the situation. \u2063This week, it unexpectedly slashed rates, signaling worries about the country&#8217;s\u200d economic outlook. The People&#8217;s Bank\u200b of China lowered the rate \u2064on its one-year loans \u2062to 2.5% on Tuesday, marking\u2064 the second cut \u2062since\u200d June.<\/p>\n<p>Furthermore, China announced \u200cthe suspension\u200d of the publication of the \u2063<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/luxury-sneakers-may-be-a-step-too-far-for-cash-strapped-gen-z\/\" title=\"Luxury sneakers may be a step too far for cash-strapped Gen Z\">youth unemployment rate<\/a> this week.\u200c While the official reason given \u200bwas the need for better calculation, it is \u2062worth noting that youth\u200c unemployment has reached\u2063 new\u2064 highs in recent months. Additionally, the country is grappling with a property crisis, exemplified by the bankruptcy protection filing of massive property developer China Evergrande \u200con Thursday.<\/p>\n<p>Given the interconnectedness of the U.S. and\u200c Chinese economies through trade, there\u200b is concern that if Beijing&#8217;s economic outlook continues to darken, it could \u2064have repercussions \u2064stateside.<\/p>\n<p>The\u200d Wall Street Journal reported \u2062this week, citing documents, that SpaceX \u200dwrote down the value of its bitcoin holdings by over $370 million last year \u2063and in 2021, and\u2062 has \u2062since offloaded the cryptocurrency.<\/p>\n<p>Moreover, digital assets \u2063have\u200c become increasingly linked\u200d to traditional stocks, which\u2064 have been experiencing\u2064 a \u2063decline this week. During downturns, investors typically seek \u200bsafer and more \u200cstable stores of \u200dvalue, abandoning riskier\u2063 investments. Bitcoin and other\u2064 cryptocurrencies are still considered\u2062 a relatively new \u2062asset \u200dclass.<\/p>\n<p>In \u2064fact, the stock market is \u200con track to record its\u2064 worst\u200b week since March. The Dow Jones Industrial Average has\u200b shed over 750 points \u200csince the \u2064beginning of the week, representing a 2% decline. The tech-heavy Nasdaq is down by approximately 2.5%, and the S&#038;P 500 has fallen\u2063 by about 2%\u200c over the past five days.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\">CLICK HERE TO READ MORE FROM THE \u200dWASHINGTON EXAMINER<\/a><\/p>\n<p>Despite the decline this week, Bitcoin remains profitable for the\u2064 year and has delivered better year-to-date\u2064 returns compared to traditional assets.<\/p>\n<p>After a challenging 2022 marked by regulatory crackdowns and the collapse of FTX, Bitcoin has risen by 56% since the start of January. Ethereum has \u2062seen a 38% increase since \u2063the beginning of the year, while Ripple has\u2064 experienced a 48% surge.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin suffered a dreadful week in 2023, as over $1 billion worth of the cryptocurrency was liquidated within 24 hours. Currently valued at around $26,000, it approaches the lows witnessed in June. This marks an 11% drop since the week began, resulting in nearly 8% losses overall.<\/p>\n","protected":false},"author":1,"featured_media":2004906,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2004905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2004905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2004905"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2004905\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2004906"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2004905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2004905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2004905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}