Bitcoin hovers above $20,000 following tumultuous week for crypto

Yahoo Finance's Ines Ferré discusses how bitcoin and other cryptocurrencies ended the trading week.

Video transcript

SEANA SMITH: Well, taking a look at crypto, it's been a brutal week for crypto as well. The selloff in Bitcoin bringing the price to just above 20,000. Ines Ferre has a closer look at the selling pressure for us. Ines.

INES FERRE: That's right, Seana. It has been a rough week for crypto asset holders. If you were in Bitcoin over the last seven days, you saw Bitcoin going lower. A couple of headlines this week that really caused a lot of this action, one being Celsius, the crypto lender which announced that it was restricting Bitcoin withdrawals, swaps, and transfers. Then you had Coinbase, the platform which announced a layoff of 18% of its employees, with CEO Brian Armstrong talking about a recession and crypto winter.

And then in the backdrop, of course, you had Bitcoin that has been falling. So this is a 10-day chart. Remember that Bitcoin trades through Saturday and Sundays as well. Over the last 10 days, losing 34% of its value. This week, the total global crypto market dipped below $1 trillion. So this idea of cryptocurrencies, of Bitcoin, of Ethereum being a hedge against inflation, not proven to be so. When the Fed tightens, all asset prices go down. Crypto has come down, guys.

RACHELLE AKUFFO: Indeed, and how has it. Ines Ferre there. Thank you so much for that update.