Although Bitcoin and Ethereum proved stronger than a few altcoins, crypto fell this week.
Prices have fallen—but not by much—due to the global Israeli-Palestinian war and continued inflation, with the latest Consumer Price Index (CPI) turning back down. Report US Bureau of Labor Statistics. More broadly, investors turn to lower-risk assets during times of political and economic uncertainty.
Market leader Bitcoin (BTC), the more than half a trillion dollar crypto market, has shed 3.7 percent over the past seven days and is currently trading at $26,928, according to the report. CoinGecko.
Ethereum (ETH), the second largest cryptocurrency by market capitalization, had a 5.4% decline this week. It is currently trading at $1,554—the lowest price level Since March.
Almost no gains were posted by the top thirty cryptocurrencies this week, but several coins fell more than market leaders this week, including Polygon (MATIC), down 8.6% to $0.521054 and Polkadot (DOT), down 8. % to 3.76 USD
Avalanche (AVAX) fell hard on Saturday, shedding 12.4% in seven days to trade at $9.19.
There was very little adoption news this week, in America or elsewhere. Similarly, there have been no political developments regarding crypto regulation as authorities around the world have responded instead following the situation in the Middle East.
Kathy Woods' ark investment on Wednesday Updated the application A spot exchange-traded fund (ETF) for Bitcoin. ETFs are an investment product for investors who want to buy into the growth of Bitcoin without exposing themselves to the risk of holding it directly.
Ark Invest's hot file notes concerns that could affect the ETF's price, including community-based changes to Bitcoin's source code and issues related to the network's electricity consumption.
On Friday, stablecoin giant Tether appointed the company's chief technology officer (CTO). Paolo Arduino as CEO. In December, he will consider the role previously held by Jean-Louis van der Velde (JL).
Finally, now it is growing A choir of voices Predicting that the SEC will soon approve a Bitcoin spot ETF. On Friday Reports have given a press release The SEC has decided not to appeal its ruling from August, saying the regulator's rejection of crypto asset manager Greyscale's request to convert a major Bitcoin fund into an ETF was “arbitrary and ridiculous.”
Looks like another green light on the road to US ETFs.
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