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”.
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.
The Annual Bitcoin Conference came to an end last Sunday in Miami, and although attendance was at all-time high with over 30k attendees, the price of bitcoin fell back below US$40k for the first time since mid-March, and the rest of the crypto market dropped along with it. At the time of writing,
Despite mostly positive news throughout the week from regulators around the world, momentum to the upside fizzled this week with Bitcoin and the crypto market pulling back, with bitcoin trading at $42,694 at the time of writing.
Ether fell slightly less, down -6.98% vs bitcoin’s -7.87% over the last seven days.
It was another week in the black for bitcoin and most of the crypto market, momentarily breaking the US$48K level mid-week, before pulling back and trading at $46,347 at the time of writing.
Ether outperformed bitcoin for a second consecutive week, up 10.72% vs bitcoin’s 3.79% over the last seven days.
Bitcoin inched higher over the last week, breaking the US$40K level once again, and was trading at $41,920 at the time of writing.
Ether’s price action outperformed bitcoin, up 13.07% vs bitcoin’s 7.06% over the last seven days.
Bitcoin’s market cap rose to $796B, market dominance is at 42.07%, and the entire crypto market is valued at $1.89T.
Bitcoin traded in a tight range for most of the week, however rose on news of United States President Joe Biden’s executive order on crypto before giving up the gains a day later and finishing the week flat. Bitcoin was trading at US$39,134 at the time of writing.
Ether’s price action lagged bitcoin once again,
Bitcoin started the week strongly adding over 14.5% which was the largest daily gain since 8 February 2021, and managing to breach the US$45K level, but failed to hang onto most of the gains into the weekend. Bitcoin is trading at $39,523 at the time of writing.
Ether’s price action lagged,