Bitcoin records 7 consecutive weeks of losses. Could it turn around? - Aliens: AI Crypto News & Markets Updates












Bitcoin records 7 consecutive weeks of losses. Could it turn around?


Thu, May 19, 2022


Aliens TLDR

Bitcoin BTCUSD, +2.83% went up 4% over the past seven days, trading at around $30,183 on Thursday, according to CoinDesk data.

Biggest Gainers Price %7-day return ApeCoin $7.74 37.5% Decentraland $1.04 32.3% eCash $0.00006 30.4% KuCoin Token $14.5 28.7% Chain $0.09 27.5% Source: CoinGecko as of May 12 Biggest decliners Price %7-day return Luna $0.0001 -100% TerraUSD $0.08 -90.1% Osmosis $1.5 -34.4% Waves $5.97 -30.8% Convex Finance $10.15 -26.9% Source: CoinGecko as of May 19 Investors are watching bitcoin’s close for this week, after the cryptocurrency posted seven consecutive weeks in losses, the first time in its 13 years of history.

After USDTerra and its sister coin Luna collapsed last week, several crypto companies and funds have disclosed information about their previous investments in the ecosystem and relevant losses.

Delphi Ventures: Venture capital firm Delphi Ventures said its Master Fund bought “a small amount of Luna” in the first quarter of 2021, which was 0.5% of the fund’s net asset value at the time, according to a Wednesday blog post.

At Luna’s peak price of $119.5 in April, the coin and other Terra assets made up a total of 13% of the net asset value across Delphi Ventures, according to the post.

The billionaire said the collapse of UST and Luna serves as a reminder that in investing, it’s important to “keep a diversified portfolio, take profits along the way, have a risk management framework, and understand that all investments happen in a macro framework.” “Galaxy did all of these with regards to our investment in LUNA,” according to Novogratz.

Shares of Coinbase Global Inc. COIN, +6.96% gained 7.9% to $67.89 on Thursday, and they were up 16.3% over the past five trading sessions.

Mining company Riot Blockchain Inc. RIOT, +2.89% shares were up 4.5% to $7.23, leaving it down 1.1% over the past five days.

Shares of Marathon Digital Holdings Inc. MARA, +1.87% gained 4.3% to $10.60, with a 4.6% gain over the past five days.

Tesla Inc. TSLA, -0.05% shares gained 1.3% to $717.56, and were down 1.5% over the past five sessions.

NVDA, +1.10% shares rose 2.8% to $173.44, looking at a 7.3% gain over the past five trading days.

Advanced Micro Devices Inc. AMD, +0.41% shares were up 1.8% to $98.03 on Thursday, while it was up 12.7% from five trading days ago.

This 24-year-old quit his job at hedge-fund powerhouse Citadel to build anew on the Terra blockchain — which collapsed two months later (MarketWatch) Crypto Exchange FTX Expands Into Stock Trading (The Wall Street Journal) Bitcoin won’t become ‘an alternative form of money,’ or a store of value, says Ben Bernanke (MarketWatch) Terra crash sharpens Washington’s attention on crypto regulations (MarketWatch) The history of private bank notes in 1800s may hint at the future for stablecoins: Not a good one, says Goldman Sachs (MarketWatch) A $60 Billion Crypto Collapse Reveals a New Kind of Bank Run (Bloomberg)

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Crypto winter is here; with Bitcoin falling below 20k from 69k and ETH falling below 1k from 4.9k, many are wondering, "where do we go from here?" Unfortunately, no one has the answer. We may continue to tumble to new lows with liquidations across the board and the looming threat of an economic crisis, or maybe we have forced out all the weak hands and begin to build up to new highs with prosperity across the ecosystem.
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