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Bitcoin price fell below the previous level of $17,000. Photo: Artur Widak/NurPhoto/Getty.
Bitcoin recently changed hands at $16,644, down 1.3% in the past 24 hours, but approaching just below its most recent support level of $17,000.
The world’s largest digital asset by market capitalization fell 1.5% last week, maintaining its flat trajectory over the past two months.
From November 10 until now, bitcoin has reached a line around the $17,000 mark.
Check: Live Crypto Prices
The slight drop in Bitcoin (BTC-USD) price came as investors continued their historic year-end hibernation.
Other bluechip cryptocurrencies saw similar moves, with ethereum (ETH-USD) posting a 1.8% drop last week to $1,195.
Most crypto prices remain frozen near the levels they have maintained for much of the past two weeks.
Read more: The worst crypto scams and “cover-ups” of 2022
Chainlink (LINK-USD) fell over 4% last week to $5.75, and Cronos (CRO-USD) fell to $0.578.
The main memecoin, dogecoin (DOGE-USD), saw its price drop on Wednesday, its value closely aligned with the fate of Tesla (TSLA) boss Elon Musk. Dogecoin fell to $0.07, down 5.7% in the past week.
The CoinDesk Market Index (CDI), an index measuring the performance of cryptos, fell 1.15%.
The news comes after it was announced that bitcoin miner Argo Blockchain will avoid filing for bankruptcy, after agreeing to sell its Helios mining facility in Dickens Country, Texas to Galaxy Digital (GLXY) for 65 million. of dollars.
Read more: Web3: Venture capital continues to flow into crypto, claims head of Outlier Ventures
According to Coindesk, the mining company will also secure a new $35 million loan from Galaxy Digital which will be secured by Argo mining equipment,
Argo CEO Peter Wall said, “Over the past few months, we have been looking for a way to continue to exploit the bear market, reduce our debt load and maintain access to Texas’ unique electric grid.
“This deal with Galaxy accomplishes all of those goals, and it allows us to live to fight another day.”
The story continues
And entrepreneur Mark Cuban remains bullish on bitcoin, saying he wants the price to continue falling.
I want Bitcoin to go much lower so I can buy more of it, Cuban said on comedian Bill Mahers Club Random podcast.
Watch: Web3 sectors to watch in 2023 | The Crypto Mile
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