Earlier this week, we presented the most important macroeconomic events that could disrupt the markets. Even if some did, we couldn’t have imagined the dramatic saga of Nvidia’s CEOs, which came to light quickly and led to major swings across all financial areas.
Before we dive into the developments of the past week, which have been quite colorful, let’s quickly recall where we started. As explained in our market update from the previous Friday, BTC was already in shambles. The post-Democratic rally came to a painful halt at $81,000, and the asset fell to its lowest level in 11 weeks at just under $75,000.
But that was only the beginning. The weekend was expected to be slow, with BTC trading sideways between $75,500 and $76,000. Monday morning saw another significant drop, with assets dumping to $73,500. After a failed rebound attempt later in the day, all eyes turned to CPI data on Tuesday, which actually beat expectations by being slightly higher on a monthly basis. Guess what happened: Bitcoin fell again, this time to below $73,000.
The bulls attempted to stage another rally, but it failed at $74,800. The next descent was even more painful. Perhaps pushed or accelerated by the saga around Jensen Huang and his eventual departure from Nvidia, BTC felt the consequences harder than most and continued to plunge over the past 24 hours.
The high point, at least for now, came this morning with a drop to $67,500. This is the lowest price for the asset in almost three months. Additionally, this meant that Bitcoin lost over $13,000 in less than 10 days.
Despite a $1,000 rebound since then, the leading cryptocurrency is still down more than 10% on a weekly scale. And remember – it was already tough at this point last week. Many altcoins bled even more, including ZEC (-31%), ETH (-14%), XRP (-15%), SOL (-13%), ENA (-20%), and UNI (-17.5%).
There’s an exception to every rule, and this time it’s CPI (+4.8%). WLFI is also slightly in the green weekly.
Market data
Market capitalization: $2.435 T | 24H Theft: $100 billion | BTC dominance: 56.7%
BTC: $68,700 (-10%) | ETH: $1,935 (-14%) | XRP: $1.02 (-15%)
This week’s crypto headlines not to be missed
The Bitcoin Retail Capitulation is Here: Could This Be the Signal the Bulls Have Been Waiting for? Days before today’s capitulation to below $68,000, on-chain data suggested that BTC could be close to a local bottom as the Fear and Greed Index had fallen into “extreme fear” territory as retail investors exited the market en masse.
This is why some Bitcoin master nodes may shut down building blocks. Bitcoin Core has warned of a major bug affecting block creation after reorganizations, potentially preventing miners from producing blocks until nodes restart. The flaw affects multiple node versions and causes memory pool inconsistencies during chain reorganizations.
Coinbase Joins Ripple as OCC Greenlights Trust Bank Charter. Following other crypto giants such as Circle and Ripple, Coinbase also received full approval for its charter as a trusted national bank. The green light allows it to operate as a federal fiduciary bank with expanded services.
Why a Younger Congress Could Be Good News for Crypto. The aforementioned Democratic sweep has sparked major concerns within the crypto industry about what might happen next. Matt Hougan believes, however, that their control over Congress could prove very positive if young policy makers take charge.
BitMine Just Bought Another 9,500 ETH as Tom Lee Supports Buterin’s Ethereum Vision. Let’s end this week’s market update with something more positive: accumulations. Tom Lee’s Bitmine added over 9,500 ETH to its growing reserve, which exceeded 6,070,000 tokens.
Strategy Bitcoin Holdings Hit New ATH After Purchasing 1,037 BTC. After some smaller purchases and a few weeks of absence, Saylor’s Strategy purchased 1,037 BTC and repurchased $188 million worth of STRC. The company’s holdings reached a new all-time high of over 850,360 units.
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This week we have chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Hyperliquid – click here for the full price analysis.
The post Bitcoin Falls Below $70,000, Nvidia CEO Resigns, Inflation Fears Return: Weekly Crypto Roundup appeared first on CryptoPotato.
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