Bitcoin Heads for Worst Week in 8 Months as Traders Lament 'Pikachu Pattern' - CoinDesk

The bitcoin price is down 19% in the past seven days – the cryptocurrency's worst weekly performance since May 2021, when fears of China's renewed crackdown on cryptocurrency trading and mining sent the market reeling, and tweets by Tesla CEO Elon Musk focused public attention on the Bitcoin blockchain network's potential environmental harms.

The Fed's stimulus – including trillions of dollars of money printing – were widely cited as a reason for bitcoin's price gains in 2020 and 2021, including the ascent to an all-time high price of $69,000 in November.

The latest shakeout left bitcoin down by roughly half from that record price, in a stark reminder of just how volatile cryptocurrency markets can be.

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The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies

As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period