Last week saw significant events within and outside the cryptocurrency industry, with CPI numbers indicating a decline in inflation rates in the United States and Ethereum undergoing its most notable upgrade since the Merge.
As a result, the entire market reacted positively, with BTC reaching a 10-month peak at $31,000, while ETH soared above $2,100, marking its highest price in 11 months. However, this week started with less volatility, and the situation changed for the worse a few days ago.
Bitcoin reached its peak exactly a week ago. After a few silent days, the cryptocurrency headed south on Monday morning. Although it almost immediately recovered its losses, the asset began dropping hard once again mid-week. This time, the bears took it from over $30,000 to under $29,000. In the past 24 hours, BTC slumped to under $28,000 for the first time in 12 days.
ETH was among the top performers after the Shapella upgrade, but it quickly lost momentum amid large-scale withdrawals and deposits. The asset lost over $200 in the past several days, dropping to and below $1,900.
Most of the alternative coins are in a similar, if not worse, situation on a weekly scale. The top 100 alts experienced significant losses, with Stacks (-20%), Immutable (-17.5%), Lido DAO (-17%), Algorand (-16%), Conflux (-15%), Kava (-15%), and many others being the hardest hit.
OKB is among the few altcoins that have managed to defy the overall market sentiment by gaining over 13% in the same timeframe. As a result, the asset trades well above $50. However, the total crypto market cap has declined by roughly $100 billion on CoinGecko.
Market Cap: $1,238B | 24H Vol: $59B | BTC Dominance: 44.1%
BTC: $28,215 (-7.2%) | ETH: $1,916 (-5%) | BNB: $327 (+0.9%)
This Week’s Crypto Headlines You Better Not Miss
How Someone Turned $27 into $1 Million in Days With PEPE, But There’s a Catch. Cryptocurrency hype manias are a relatively frequent development amid bull markets, but this one, involving a new memecoin called PEPE, came out of nowhere for most. However, one investor was savvy enough to make a mind-blowing profit.
Tesla Didn’t Sell BTC During Q1 of 2023. The most well-known EV maker made the news in 2021 when it purchased over $1 billion worth of bitcoin. Since then, however, the Elon Musk-spearheaded company has disposed of certain portions of its BTC holdings. Yet, Tesla refrained from selling any more during Q1 of 2023.
Gary Gensler: The SEC Will Not Change its Attitude Toward Crypto Exchanges. The SEC Chair has become among the most hated people from the crypto community due to his policies on regulating the industry. Despite the massive backlash, some of it coming from SEC personnel 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 warned the SEC that both parties could go to court if the latter fails to reach clarity on its regulatory stance.
NBA Legend Shaquille O’Neal Served in FTX Class Action. The FTX drama doesn’t seem to stop, and it keeps involving more and more celebrities. The latest to be served in a class action lawsuit was the NBA legend – Shaquille O’Neal – who did manage to avoid the authorities on numerous occasions before that.
Do Kwon Transferred $7 Million to a Law Firm Shortly Before the Terra Crash (Report). The OG drama in 2022 started with the Terra collapse, and there’s more development on that front as well. One of the latest reports on the matter claimed that Do Kwon had transferred $7 million to a law firm shortly ahead of the crash