A Week in Crypto – Ethereum & Bitcoin Bounce Back
With the Ethereum merge closing in, the second largest cryptocurrency showed signs of life.
During the last week, many other cryptocurrencies showed weak hands. However, Bitcoin added a 0.45 percent hike in the previous seven days and a 2.86 percent in the last 24 hours. It is hovering around $21,300 at the time of writing.
Binance coin also showed signs of a firm hand with a more than a 7 percent increase over the last 24 hours. Polygon surged to 19 percent, and the price jumped to $0.70 notable gain.
Cardano and Dogecoin showed bear signs over the week, thus it shows bullish signs over the last 24 hours according to the coinmarketcap data.
A Week in Crypto – Ethereum & Bitcoin
The news of the Consumer Price Index (CPI) rising 9.1% in the last 12 months up to June gave a negative slam on crypto prices. This is the largest increase in over 40 years which affected the prices of food, houses, and fuel. Due to the inflation readings from May, Federal Reserve raised the interest rates by 0.75 percent highest hike since 1994. Investors dumped riskier assets following the news many cryptos and stock selloffs followed.
Ethereum’s most anticipated merge tests ran on Thursday pushing the price of Ethereum up almost 13 percent in a 24-hour window.
The Merge will help the full Ethereum network to migrate from the proof-of-work mainet to the proof-of-stake version. Beacon Chian community manager superphiz.eth shared a tentative timetable of the final updates on Friday.
A national-wide ban on using digital assets for payments is a law signed by Russian President Vladimir Putin. This will put a ban on using crypto as payment however, it is still possible to buy and hold cryptocurrencies.
This concludes the week into the crypto. What are your thoughts please leave your comments in the comments section below.
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Text source: Bitcoin FT
