Bitcoin holds on to last week’s gains after strongest weekly performance in a month

Bitcoin yesterday sealed its highest weekly close since February, with the leading cryptocurrency managing to hold and consolidate price gains made last week. Bitcoin is trading about $41,000 at time of writing, down almost two per cent over the past 24 hours but still up five per cent since this time last week.

Other major cryptocurrencies have followed a similar trajectory, with Ethereum changing hands a little under $2,900 – a 1.2 per cent drop since yesterday morning, but also up more than 11 per cent over the week. The market sentiment also starts the week slightly up, with the Fear and Greed Index hovering at around 30.

Also Read: Bitcoin: Most Common Myths Busted

The uptick in investor sentiment reflects a general growing positivity across the markets, which seem to have relaxed around the geopolitical threat from Russia’s invasion of Ukraine. Both the tech-focused Nasdaq and S&P 500 were up on Friday as global stocks gained ~$5tn in market cap last week, but safe haven asset gold fell 1.2 per cent. It seems the crypto markets continue to correlate more strongly with other supposedly ‘riskier’ assets – will that continue to be the case moving forward and what does it mean for crypto?

The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.

We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.