The market continues to slide, with Bitcoin price suffering double-digit losses for seven days
Bitcoin’s price drop as bond yields rise ahead of the U.S. inflation report could seal a deal for a faster withdrawal of Federal Reserve (Fed) stimulus measures. At one point, the leading cryptocurrency fell 1.5% to $ 47,900 in the past 24 hours, with the price falling 2.25% over the course of the week. At the time of writing, BTC is changing hands at $ 48,131.
BTC / USD 4-hour chart | Source: TradingView
Bitcoin price is taking heavy losses this week as the crypto market continues to collapse
The US Consumer Price Index (CPI) report, due to be released at 13:30 UTC, shows the cost of living in the world’s largest economy rose 6.8% a year in November, down from 6.2% in October.
Much like last month, when Bitcoin price rebounded on the ATH after the October CPI, only to quickly wipe out the rally shortly thereafter, the same thing happened today. The top cryptocurrency surged nearly $ 50,000 before falling below $ 47,500 shortly afterwards.
Market volatility, which is keeping Bitcoin on track for its fourth straight weekly decline and a forecast of $ 100,000 by the end of the year – or even a return to the previous month’s all-time high of around $ 69,000 – is now in full swing. With Bitcoin falling for four straight weeks, crypto market analysts are starting to lessen the likelihood of a strong rally by the end of the year, similar to 2020.
Ethereum is also down 11.4% in seven days and is trading for just over $ 4,000. The altcoin market was also largely beaten. Solana, an Ethereum competitor and fifth largest cryptocurrency, traded for $ 168, down 17% in value in one week.
All cryptocurrencies on the market are in the red on this day. The total capitalization of the crypto market is currently $ 2,209 trillion and the dominance of bitcoin is 41.1%.