The past week has been much more eventful inside and outside the cryptocurrency industry, with CPI numbers showing lower inflation rates in the US, while Ethereum received its most notable upgrade since the merger.
As a result, the broader market reacted positively, with BTC hitting $31,000 to hit a 10-month high, while ETH soared to over $2,100 and painted its 11-month high. month. This week started with less volatility, but the landscape changed for the worse a few days ago.
Bitcoin’s peak happened exactly one week ago. The next few days were quiet before the cryptocurrency headed south on Monday morning. Despite recouping losses almost immediately, the asset started falling sharply again mid-week. This time the bears took it from over $30,000 to under $29,000. The last 24 hours haven’t been good either, and BTC has fallen below $28,000 for the first time in 12 days.
ETH was among the best performers after the Shapella upgrade, but it quickly lost momentum amid large-scale withdrawals and deposits. The asset lost more than $200 in the past few days, falling to $1,900 and below.
Most of the alternative coins have a similar, if not worse, shape on the weekly scale. Biggest losses to top 100 alts come from Stacks (-20%), Immutable (-17.5%), Lido DAO (-17%), Algorand (-16%), Conflux (-15%), Kava (- 15%), and many others.
OKB is among the few altcoins that managed to defy general market sentiment by gaining more than 13% in the same time frame. As a result, the asset is trading well above $50. Overall, however, the total crypto market cap has shrunk by around $100 billion on CoinGecko.
Market data
Market capitalization: 1,238 billion dollars | 24h volume: 59 billion dollars | BTC dominance: 44.1%
BTC: $28,215 (-7.2%) | ETH: $1,916 (-5%) | BNB: $327 (+0.9%)
This week’s crypto stocks you can’t miss
How Someone Turned $27 Into $1 Million In Days With PEPE, But There’s A Catch. Cryptocurrency hype fads are a relatively common development amid bull markets, but this one, involving a new memecoin called PEPE, came out of nowhere for the most part. However, one investor was savvy enough to make a stunning profit.
Tesla did not sell BTC during the first quarter of 2023. The best-known electric vehicle maker made headlines in 2021 when it purchased over $1 billion worth of bitcoin. Since then, however, the Elon Musk-led company has divested parts of its BTC holdings. Still, Tesla refrained from selling more during the first quarter of 2023.
Gary Gensler: The SEC Won’t Change Its Attitude Toward Crypto Exchanges. The SEC Chairman has become one of the most hated people in the crypto community due to his industry regulation policy. Despite the overwhelming backlash, some of which came from SEC staff and US politicians, Gensler said his agency has no plans to change its behavior.
Coinbase is about to go to court with the SEC: Brian Armstrong. Some of the aforementioned backlash came from the largest US-based crypto exchange – Coinbase – and its CEO, in particular. Brian Armstrong has warned the SEC that both sides could go to court if the SEC fails to clarify its regulatory position.
NBA legend Shaquille O’Neal served in FTX class action lawsuit. The FTX drama doesn’t seem to be stopping, and it continues to involve more and more celebrities. The last to be served in a class action lawsuit was NBA legend – Shaquille O’Neal – who had successfully evaded authorities numerous times before.
Do Kwon Transferred $7 Million To Law Firm Shortly Before Terra Crash (Report). The OG drama in 2022 began with the collapse of Terra, and there’s more development on that front as well. One of the latest reports on the matter claimed that Do Kwon transferred $7 million to a law firm shortly before the crash.
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