This week in coins: Ethereum and Bitcoin continue to bleed as Telegram drama continues

There is disappointing news for those who thought the crypto markets would improve this week. It looks like sad news for almost all investors.

Bitcoin This week it continued to fall and hard. In the last seven days The value of the property It fell more than 9% and – after dropping to $52,690 on Friday – rolled into weekend trading at $53,229, according to CoinGecko.

That's far less than the $69,044 in 2021—not to mention March's all-time high of $73,747.

Depreciation is like economic data. It shows The US labor market may not be as strong as expected, and investors Quick withdrawal Newly approved Find Bitcoin Exchange-Traded Funds (ETFs)..

The price of Ethereum More battered: The coin hit its 2024 lows, falling more than 11 percent to end the week at $2,178.

Decrypt reported Ethereum-related investments NFTs have seen a staggering amount of value for years and have poured into OpenSea, an online marketplace for digital goods. You may be in trouble According to the Securities and Exchange Commission.

It wasn't just crypto that took a beating: US stocks also fell sharply, with tech stocks such as chip giant Nvidia posting On Tuesday, the day's market peaked.

All eyes are now on the Federal Reserve and its next meeting at the end of this month. Investors expect the central bank will eventually cut interest rates, but are worried about how much of a cut it will be – any new information about a cut could cause volatility in markets.

In other news, Pavel Durov, founder and CEO of Telegram, is a crypto-friendly messaging app. They finally spoke Following His arrest Last month by the French authorities. It claims that Telegram is not a criminal site and that the application has worked to download illegal content in the past.

of Price per tonThe cryptocurrency, which is closely linked to the app, is one of the worst performing coins, plunging 14% in seven days. It is now priced at $4.59.