CoinDesk
Bitcoin is on course for a fifth consecutive weekly decline, which would tie its joint third-longest losing streak on record. From weeks 40 to 44, BTC fell from around $87,000 to roughly $76,500, although the current week is only partway through. Its longest losing streak lasted eight weeks in 2022; earlier this year, it fell for six straight weeks.
Why it matters
The decline comes as markets face several sources of uncertainty at once. U.S. midterm elections are adding to caution, while geopolitical tensions and pressure on technology stocks are also weighing on investor sentiment. The combination is testing demand for risk-sensitive assets, including Bitcoin.
Oil has rebounded, with WTI up 2% to around $98 a barrel and Brent back above $106 after reports of U.S. strikes on Iran’s Qeshm Island ahead of the vote. Higher energy prices add another pressure point for markets already navigating political and geopolitical uncertainty.
Market impact
Technology stocks are also in focus after Apple beat fiscal fourth-quarter earnings and revenue expectations but warned that an “unprecedented” rise in memory chip prices and the cost of serving its AI tools would squeeze margins. Apple shares were down around 5% in premarket trading.
Precious metals gave back gains: gold fell 1% to around $3,900 an ounce, while silver dropped 3.5% to below $49. The Invesco QQQ Trust was slightly higher in premarket trading, showing that risk appetite remained mixed. For Bitcoin, the key near-term marker is whether the current slide becomes a fifth consecutive weekly loss and ties its joint third-longest streak.
Frequently asked questions
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What would a fifth weekly decline mean for Bitcoin’s losing-streak record?
It would tie Bitcoin’s joint third-longest losing streak on record. Its longest was eight consecutive weeks in 2022.
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How far has Bitcoin fallen across the five-week period?
From weeks 40 to 44, Bitcoin fell from around $87,000 to roughly $76,500. The current week is still underway.
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Why are U.S. midterm elections weighing on market sentiment?
The elections are adding uncertainty as investors also contend with technology-stock pressure and geopolitical tensions.
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What happened to oil prices amid reports of strikes on Iran?
WTI crude rebounded 2% to around $98 a barrel, while Brent moved back above $106 after reports of U.S. strikes on Qeshm Island.
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Why did Apple shares fall despite beating earnings and revenue expectations?
Apple warned that rising memory-chip prices and the cost of serving its AI tools would squeeze margins. Its shares were down around 5% in premarket trading.
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