Bitcoin Suffers Lowest Weekly Close Since December 2020 as Dollar Rallies
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Bitcoin Suffers Lowest Weekly Close Since December 2020 as Dollar Rallies

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Created 2mo ago, last updated 2mo ago

It follows a week of interest rate hikes and gloomy economic data, with analysts pointing to a "sell everything" climate that has also seen stocks take a battering.

Bitcoin Suffers Lowest Weekly Close Since December 2020 as Dollar Rallies

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Bitcoin has suffered its lowest weekly close since December 2020.

The world's biggest cryptocurrency was languishing at $18,875 on Sunday night — ending the latest seven-day period at levels not seen since the early days of the bull run.

It follows a week of interest rate hikes and gloomy economic data, with analysts pointing to a "sell everything" climate that has also seen stocks take a battering.

To make matters worse, the U.S. dollar is also continuing to gain strength, piling further pressure on the markets.

Monday saw the British pound fall to a record low against the greenback — $1.03 — in the wake of a controversial "mini-budget" unveiled by the country's new government.

Chancellor of the Exchequer Kwasi Kwarteng declared that he planned to reduce the rate of income tax paid by Britain's highest earners from 45% to 40% — and scrap a cap on bankers' bonuses.

With the U.K. facing a cost-of-living crisis, the government is facing accusations of benefiting the wealthy while failing to do enough to support those on lower incomes.

It could be argued that Bitcoin hasn't fared as badly as other asset classes over the past week — especially considering it's clinging on to $19,000.

BTC's current 12-month low stands at $17,708 — a level that hasn't been seen since June.

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