Bitcoin Price Shows Signs Of Recovery After Longest Streak Of Weekly Losses In Over A Decade: What Does This Suggest?

The overall cryptocurrency market has lost nearly $500 billion in May so far.

Bitcoin appears to be recovering from its losing streak. ( Image Source :Getty )

New Delhi: Bitcoin (BTC) price managed to stay afloat, trading just above the $30,000 mark, showing signs of the world’s oldest crypto recovering from the unprecedented market crash earlier this month. The BTC price registered the gain following a dip for seven straight weeks — the longest losing streak since 2011. The recent crypto crash has largely been attributed to the fall of Terra (LUNA), which was caused by the ‘de-pegging’ of TerraUSD (UST) stablecoin. On Monday, Reserve Bank of India (RBI) Governor Shaktikanta Das strongly warned against cryptocurrency, saying that it will ‘seriously undermine’ the financial stability of India.

Bitcoin price today

As per a Bloomberg report, Bitcoin rose 1.7 percent to $30,425 at 11:35am in London (4:05pm IST). As mentioned, this marked a recovery after BTC price fell for seven weeks, the longest losing streak since August 2011, as per Bloomberg data.

ALSO ON ABP LIVE: EXPLAINED | Why Did LUNA Crash?

At the time of writing, Bitcoin price dipped slightly below the $30,000 mark. As per CoinMarketCap data, BTC price stood at $29,375.33. As per Indian exchange WazirX, BTC price in India stood at Rs 24.01 lakhs.

Bitcoin price shows signs of recovery: What does this suggest?

As per Sathvik Vishwanath, the Co-Founder and CEO of crypto exchange Unocoin, the overall crypto market has a tendency “to be highly volatile.” However, he added that the market in general “has the cushion” to nullify sudden jerks such as the Terra crash.

ALSO ON ABP LIVE: EXPLAINED | LUNA 2.0: What Is It? Will It Help Revive Terra?

“What we are seeing now is the aftereffects,” Vishwanath said as he noted that the recent crash is “neither the first one nor the last one.” “The stability [of crypto] can be partially obtained if all countries start regulating it but that could be a Herculean task in short term.”

The overall cryptocurrency market has lost over $1.5 trillion since November 2021 and nearly $500 billion in May so far. Commenting on the crash, RBI Governor Shaktikanta Das said, “We have been cautioning against crypto and look at what has happened to the crypto market now.”

He added, “There are big questions on how do you regulate it. Our position remains very clear, it will seriously undermine the monetary, financial, and macroeconomic stability of India.”