I have had a bad cold for the past week. my nose is slowly becoming unblocked. i've completely lost my taste. is this normal?

Yes: Taste or flavor is determined mostly by smell. The sense of taste gives us only 5 basic "tastes": sweet, salty, etc. If your nose is severely congested many people will complain that they have lost their "taste" really what has happened is they have lost their smell. As the congestion improves, flavor should come back. If its not back in 2 weeks, go see an ear nose and throat specialist.

It can be: Usually the sense of smell and the sense of taste go hand-in-hand. With a bad cold you frequently will have nasal obstruction and blockage losing your sense of smell and therefore also your sense of taste. Sometimes, however, the cold can cause damage to your sense of smell and thereby affect your sense of taste. An evaluation with an ENT doctor would be of great benefit.