Bitcoin Back Below $30,000 After A Record 8 Weeks In The Red

Bitcoin has stopped working to hold the $30,000 level on Monday after scoring its eighth consecutive week in the red for the first time ever.During these 8 weeks, which started in late March and ended on Sunday, bitcoin has actually lost over 35% of its U.S. dollar worth according to TradingView data. The Nasdaq, which is said to be extremely associated with bitcoin, decoupled from the digital money along with the S&P 500 to denote modest gains near market close on Monday, per TradingView data.While bitcoin, Nasdaq and S&P 500 were trading in tandem for some time on Monday, the P2P currency saw a sharp sell-off decouple it from the 2 indices and take it to a more than 3% loss for the day. Bitcoins choppy trading year so far can be partially associated to a more comprehensive sentiment of financial unpredictability as the Federal Reserve tightens the U.S. economy, withdrawing liquidity from the market after almost 2 years of quantitative easing.The main bank has actually currently raised its basic interest rates 2 times this year, the last of which was double the magnitude of the previous one and represented the biggest walking in two years: While the Fed increased interest rates by 0.25% in March, it raised them by 0.50% earlier this month.Image source: Federal Reserve Economic Data (FRED).

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