With Sam Bankman-Freed on the charge and behind bars and the FTX explosion starting to fade into the (ever so slight) rearview mirror, coin prices finally started to function normally this week. And that meant. as turbulent as the stock market.
Bitcoin (BTC) and Ethereum (ETH) moved alongside Wall Street this week, rising on Wednesday on expectations of a rosy interest rate update from the Federal Reserve after better-than-expected news from the US Bureau of Labor Statistics that inflation. decreased to 7.1% in November. BTC at all-time high ahead of Wednesday’s Fed meeting back above $18,000 for the first time since FTX’s spectacular collapse in mid-November.
Top Two Cryptocurrencies then immediately crashed The same day after the Fed announced that the US central bank intends to keep raising interest rates until 2023 to fight inflation.
As of Saturday morning, Bitcoin was down 2.6% over the past seven days, while Ethereum fared worse, down 6.6% over the period.
But the biggest loser of the week in the top 10 is Dogecoin (DOGE), down 20% since last weekend. Crypto’s biggest meme coin started the week on a rough note, 9% decrease overnight Monday evening. The rest of the week was no better, as the coin doubled its losses, falling another 11% to 7 cents on Saturday.
In late November, DOGE dramatically spread speculation that Elon Musk was planning to incorporate it into Twitter. as a payment method; This week’s news cycle, while dominated by Twitter, was less positive, focusing on Musk banning several journalists from the social media platform.
It will take more than riding the winds of market forces to win this week. TON, the native token of Telegram’s decentralized layer one blockchain “Open Network,” has surged a whopping 29.8% this week in defiance of Telegram’s announcement that users no longer need a SIM. cards to use the app. Users can now buy anonymous phone numbers on Telegram for TON, a move that sets the privacy-minded app apart from rivals like Signal and WhatsApp, which still require users to register with real mobile numbers.
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