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Bitcoin Snaps Losing Streak As Pelosi Taiwan Trip Passes Without Incident
Bitcoin snaps losing streak, while Solana's SOL token slides after hack that drained crypto wallets.
Ankita K.
12:10 4th Aug, 2022
Bitcoin

Bitcoin (BTC) extended its losing streak to six days, dropping 1% to about $22,800.

The largest cryptocurrency by market cap seemed mostly unfazed by crypto’s latest hack that left over 8,000 wallets, including several Solana (SOL) addresses, compromised on Tuesday.

But Solana's SOL token fell over 4.2% during the past 24 hours and is down 76% year-to-date. The ninth-biggest cryptocurrency by market cap did not break below its 50-day simple moving average (SMA) – suggesting that some large Solana holders might still be holding on.

For the past two weeks, bitcoin seems to have entered a new range, now hovering between $21,200 and $24,400, a step up from the $17,000 to $21,000 range in the weeks before.

“Bitcoin needs a crypto specific catalyst to trigger a meaningful move above the $24,700 level,” Edward Moya, senior market analyst at the foreign-exchange broker Oanda, wrote Wednesday in an email update.

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