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Bitcoin records longest losing streak in nearly 5 years

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Bitcoin fell for a seventh straight day, marking its longest losing streak since 2018, as the cryptocurrency market faces new Covid-19 tensions, inflation and strong U.S. Fed decisions.

Heavy selling, attributed to these factors, sent bitcoin down to $40,800 at one point, a daily decline of 2.3%. The cryptocurrency rebounded to about $41,664, still down nearly 1%.

Bitcoin’s losing streak has become the longest in history Since the decline from July 30 to August 4, 2018.. At that point, the digital currency plummeted 17%, with further losses eventually capping bitcoin tokens at $3,200 before finding support.

The latest decline comes against a difficult backdrop for financial markets and, above all, because of the US Federal Reserve’s decision (probably) to take more aggressive measures to combat inflation, which is now at its highest level in nearly four decades.

Apparently, bitcoin has benefited in recent years from the monetary policy ultra-free from the Fed since the coronation hit the economy, this pullback is seen as a new problem for bitcoin and the cryptocurrency market in general.

This bitcoin downturn is also a failure of the cryptocurrency to position itself as a hedging asset against inflation.

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