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Bitcoin Eyes Record Losing Streak After "Stablecoin" Collapse

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Bitcoin attempted a bounce early in the Asia session and rose 2% to $29,500Cryptocurrencies nursed large losses on Friday, with bitcoin pinned below $30,000 and set for a record losing streak as the collapse of TerraUSD, a so-called stablecoin, rippled through markets.Crypto assets have also been swept up in broad selling of risky investments on worries about high inflation and rising interest rates.

Sentiment is particularly fragile, however, as tokens supposed to be pegged to the dollar have faltered.Bitcoin, the largest cryptocurrency by total market value, attempted a bounce early in the Asia session and rose 2% to $29,500, something of a recovery from a 16-month low of around $25,400 reached on Thursday.It remains a long way below week-ago levels of around $40,000 and, unless there is a rebound in weekend trade, is headed for a record seventh consecutive weekly loss."I don't think the worst is over," said Scottie Siu, investment director of Axion Global Asset Management, a Hong Kong based firm that runs a crypto index fund."I think there is more downside in the coming days.

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