Bitcoin and the rest of the crypto market suffered a precipitous decline last week. The macroeconomic environment continued to set the tone for markets with US inflation hitting a 41-year high of 8.6% which sent both equity and crypto markets reeling. The entire digital market capitalisation has now dipped below $1 trillion after hitting a high of almost $3T last year.
After halting its weekly losing skid the previous week, bitcoin and the rest of the crypto market could not make it two in a row. Over the weekend, crypto got crushed and finished the week much lower. At the time of writing, bitcoin is trading at US$27,586.
Ether continued to underperform bitcoin returning -18.12% vs bitcoin’s -7.20% over the week.
Bitcoin finished the week slightly higher, finally halting its run of consecutive losing weeks at a new record of nine. A number of altcoins also finished the week positive. At the time of writing, bitcoin is trading at US$29,744.
Ether also managed to squeeze out a positive return of 0.59% vs bitcoin’s 2.60% over the week.
Bitcoin fell slightly once again, but the rest of the crypto market continued to slide at a much quicker pace, increasing bitcoin dominance. Bitcoin has locked in a record-setting eight consecutive losing weeks, and is on track to hit a ninth. At the time of writing, bitcoin is trading at US$29,120.
Following a tumultuous week, Bitcoin and the rest of the crypto market was quite subdued over the last seven days. Bitcoin traded in a fairly tight range, and if the price finishes lower for the weekly close, it would be eight consecutive losing weeks, which will be the first time in its history.
Bitcoin and crypto markets suffered one of the worst weeks in recent memory with sceptics declaring (again) that bitcoin and crypto are dead. The website https://99bitcoins.com/bitcoin-obituaries/ tallies Bitcoin ‘obituaries’ – to qualify, the content of an article “must be explicit about the fact that Bitcoin is or will be worthless”, and must be “produced by a person with a notable following or a site with substantial traffic”.
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Bitcoin and Ethereum cryptocurrency ETFs are set to hit the Australian market as soon as tomorrow. With the markets as volatile as they are, and with more choice soon available for crypto-oriented investors, does it make sense to hold both crypto equities exposures and cryptocurrency exposures in the same portfolio?
Fear amongst investors of stagflation, or high inflation, slow economic growth and recession due to further interest rate hikes, permeated the crypto market, sending it tumbling over the past week. Bitcoin breached the $35K level, a price not seen in over 70 days. At the time of writing, bitcoin was trading at $34,594.
The price of bitcoin and the rest of the crypto market was range bound for most of the past week and finished the week lower. At the time of writing, bitcoin was trading at $38,036.
Ether traded similarly, and was down -5.94% vs bitcoin’s -4.37% over the last seven days.
Bitcoin’s market cap fell to $723.7B,
The price of bitcoin rallied to as high as US$43K but failed to hang on to those gains, following equities lower to end the week. At the time of writing, bitcoin was trading back below $40K at $39,781.
Ether fell slightly more, down -3.04% vs bitcoin’s -1.52% over the last seven days.