Top cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), have posted severe losses over the past week.
Bitcoin, the leading cryptocurrency with a market capitalization of roughly $382 billion, has plummeted 7.9% over the past week. It trades at around $19,990, down 1.6% over the past 24 hours, per data from CoinMarketCap.
Bitcoin held range-bound this week, trading between a weekly high of $21,804.91 and a low of $19,600.79.
The week’s bearish price action puts Bitcoin down 71.07% from its historical all-time high of $68,789.63 recorded in November 2021, according to data from CoinMarketCap.
Bitcoin long trades worth $166.42 million have been liquidated over the past week, too, per data from Coinglass. Short positions worth $85.37 million were liquidated over the same period.
The reason behind Bitcoin’s bearish week is likely the hawkish comments on the upcoming rate hike by U.S. Fed Chair Jerome Powell. Another 75-basis point hike is expected when the Fed meets later this month.
