The crypto market has been on the back foot since November. For Bitcoin (BTC) and a number of other majors, including Ethereum (ETH), the pullback comes after having struck new all-time highs in late 2021.
Bitcoin (BTC) and Key Crypto Market Drivers
It was a week to forget for Bitcoin (BTC) and the broader crypto market. In the week ending 9thJanuary, Bitcoin (BTC) slid by 11.51% to end the week at $41,856. It was Bitcoin’s (BTC) largest weekly decline since a 13.74% slide in the final week of November. More significantly, the loss was the 6th in 8-weeks.
For the Bitcoin (BTC), avoiding a 7th consecutive day in the red and sub-$40,000 were key. The last time Bitcoin (BTC) fell for 7 consecutive days was back in 2018.
Things were not much better elsewhere, with Ethereum (ETH) tumbling by 17.79% to end the week at sub-$3,200 levels.
For the crypto market, the start of the year sell-off left the crypto market cap down $1,964bn. Back in November, before the current reversal, the market cap had hit a high $3,009bn.