Cryptocurrency Bitcoin has reached a two-year anti-record

Bitcoin (BTC) hit its lowest weekly close since 2020 as a week of macroeconomic turmoil took its toll.

Although the BTC/USD pair has only lost $ 400 since the beginning of the week, traders were not optimistic amid fears that the decline in risky assets will continue in the coming days. The largest cryptocurrency is on its way to an anti-reach — the lowest closing level since November 2020.

Michael van de Poppe, founder and CEO of trading firm Eight, added that next week’s volatility is virtually guaranteed due to the unstable macroeconomic situation.

Among the top ten altcoins, the week’s losses were mainly due to Ethereum (ETH), which fell by 8% as the hype around The Merge (the transition to a green blockchain) faded. The largest altcoin in terms of market capitalization at the time of writing is estimated at $ 1,300, which is the lowest since mid-July.

The only token that bucked the trend was XRP, which continued to grow as the market expects to win the ongoing litigation between the major token developer Ripple and US regulators.