The cryptocurrency market endured ongoing strain as the week drew to a close. Bitcoin, a frontrunner in the market, experienced a decline of approximately 6%, closing the day at $26,038.41, as reported by Coin Metrics. Throughout, it exhibited fluctuations around the $26,000 mark, grappling with the aftermath of a notable drop that continued till late Friday.
This downward move exerted a gravitational pull on the broader crypto market. Ether and Binance Coin both witnessed losses of around 4%, while Cardano (ADA) registered a decline exceeding 3%. Ripple’s XRP recorded a substantial slide of 13%, while the Solana token faced a loss of 7%.
For the week, Bitcoin saw an 11.28% decrease, marking its seventh weekly loss out of the past eight weeks. This performance constitutes its most challenging week since November. CoinMetrics measures a crypto week from the stock market close at 4:00 p.m. ET on one Friday to the next. The downward pressure on the cryptocurrency market was palpable throughout Thursday and escalated notably around 6 p.m. ET.
This shift followed reports from The Wall Street Journal revealing that Elon Musk’s SpaceX had reduced the valuation of its bitcoin holdings by $373 million in both 2020 and 2021. Additionally, the report indicated that SpaceX had engaged in cryptocurrency sales.
Bitcoin’s performance has exhibited sluggishness during much of the third quarter, historically a weaker period for the cryptocurrency. As of now, it has recorded a 14.25% dip for the quarter and a 10.69% decline in August.
Despite the recent market softness preceding this week’s significant drop, Bitcoin has still managed to achieve a 57% increase in value in the year 2023.
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