As the bear market persists, cryptocurrency markets are beginning to exhibit less and less volatility. This week, the price of Bitcoin and Ethereum has been fluctuating within a small range, suggesting that they have found their support levels. Let’s review this week’s crypto market news to see how it affected the values of Bitcoin and Ethereum.
This week’s most significant news for the cryptocurrency markets includes:
- A program being introduced by Mastercards will let financial institutions provide bitcoin trading services.
- About a thousand individuals were threatened with legal action by Coinbase for abusing a price error on their platform.
- Over $740 million worth of Bitcoin just left exchanges, according to a report, which is a bullish indication that traders are planning to store BTC for an extended length of time.
- Shanghai, the upcoming network update for Ethereum, has already been tested and is anticipated to launch in 2023.
- Data indicate that the UK’s inflation rate is at a 40-year high, which is not good for the world economy.
- Ethereum developers are divided on the issue of blockchain censorship, which could lead to a fork.
- In order to convert the Grayscale Bitcoin Trust into a spot Bitcoin ETF, Grayscale filed a lawsuit against the SEC.
- Elon Musk speculates that the bear market may stretch until the spring of 24.
- After the network merge, Ethereum’s tokenomics are now deflationary, and we’ll probably start to notice the impacts over the coming several months.
General Thoughts On Crypto Market
This week’s markets saw a lot of activity and news, but unexpectedly, the market capitalization of all cryptocurrencies was largely unaffected.
Ethereum remains above $1,300, while Bitcoin is currently trading at the $19k range. Even though the trading volume is substantially lower than usual today, a further slowdown in the markets on Saturday is to be expected.
The good news is that there isn’t much volatility, which gives newbie investors more confidence to start long-term positions. After all, a market trading sideways is usually preferable to one that is in a bear market. This shows the beginning of a trend reversal.
The BTC dominance is still 39.9%, and that of Ethereum is 17.4%. Although in the past, ETH has outperformed BTC, it now appears like the two crypto assets are advancing together.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.