Worst week in crypto since April

Bitcoin finished negative again last week due to the effect of cooling demand for investment funds and uncertainty regarding monetary policy.

A benchmark of the 100 largest crypto assets fell nearly 5 percent in the seven days through Sunday, marking the worst performance since April.

The decline in the crypto market has accelerated as doubts grow about the Fed’s scope to quickly cut interest rates from two-decade highs.

For some analysts, the pullback in crypto assets is a warning sign for broader risk appetite.

FalconX Research Manager David Lawant wrote in a note that the current crypto market dynamic is “characterized by low volatility and volumes.

The decline in the market came even as fund companies prepared to launch the first US ETFs that invest directly in Ether, the second-ranked crypto asset.

Bitcoin broke a record with $ 73 thousand 798 in March. However, this quarter it lagged behind classical assets such as stocks, bonds and gold.

According to IG Australia Pty Market Analyst Tony Sycamore, the 200-day moving average at around 57,500 is currently in focus as a possible support area for the price.