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2.09%Reading
Markets are ending the week strong after a rocky week of gains and losses. The price of Bitcoin is now $43,139, according to CoinGecko. That's a seven-day rise of 3%.
All eyes were on the biggest digital asset by market and what it would do before, during, and after the Federal Reserve's Wednesday announcement on interest rates.
Traders had already priced in that interest rates would stay the same—and they did—and Bitcoin (BTC) traded flat for a bit while other coins and tokens dipped.
But the price of the asset then dropped a bit following a more hawkish press conference in which Federal Reserve Chair Jerome Powell made it clear that the central bank wasn't in much of a hurry to lower interest rates. Stocks took a beating, too.
At one point, the lowest BTC traded for was below $42,000 per coin.
Strong economic data dropped yesterday, with the U.S. Bureau of Labor Statistics announcing that the U.S. added 353,000 new jobs in January and the unemployment rate held at 3.7% for the third month in a row. Stocks rose—along with crypto—Friday morning Eastern Time on the news.
The price of Ethereum, the second biggest digital asset, dropped earlier in the week—facing bigger losses than BTC—before making gains. Ethereum (ETH) is now up a meager 2% over the week and is trading hands for $2,306.
Elsewhere, Solana (SOL) has again been a winner. Over the past week, it's one of the biggest gainers, the price of Solana jumped by more than 10% for the week ending yesterday. It's now trading hands for $97.86.
Aevo, a decentralized perpetual futures and options exchange built on a custom Ethereum layer-2 utilizing the Optimism tech stack, announced an airdrop and farming program on Wednesday. The airdrop is intended to reward early adopters of the Aevo exchange with its upcoming token, AEVO. Any traders who used the exchange before the announcement will be eligible for the airdrop—but Aevo is also allowing users to gain additional tokens through its new farming program. The airdrop itself will be cond...
Its price rise is likely due to a flurry of trader activity—transactions on the network shot up to a new all-time high—after the Solana decentralized exchange (DEX) aggregator Jupiter finally launched its JUP token airdrop.
The entire crypto industry's market cap stands today at $1.74 trillion, up nearly 2% in the past day, CoinGecko shows.
Illustration by Mitchell Preffer for Decrypt. Is Bitcoin back? For at least a little while, it feels like it may be. This time last week, it was trading for $53,229. It’s now trading above $60,000, according to CoinGecko. That’s a 12% rise over seven days, and a threshold unseen since last month. The price rise came as traders grew more confident that the Fed would slash interest rates by 50 basis points instead of 25. All eyes are on the central bank next week after two years of sky-high inter...
Illustration by Mitchell Preffer for Decrypt. There's depressing news for those hoping the price of crypto markets would improve this week. Depressing news for nearly all investors, it would seem. Bitcoin continued to drop, and hard, this week. Over the past seven days, the price of the asset has descended by more than 9% and—after dipping as low as $52,690 on Friday—rolled into the weekend trading hands for $53,229, according to CoinGecko. That’s significantly lower than its 2021 record of $...
Illustration by Mitchell Preffer for Decrypt. It was a fairly uneventful week in the crypto world... until Friday. The action-packed end to the week came with an increase in the price of Bitcoin, buoyed by crypto market optimism after Federal Reserve Chair Jerome Powell gave his strongest signal yet that he will slash interest rates come September. The price of the asset popped above $64,600, according to CoinGecko, a more than 7% rise over the week. It slid into the weekend at $63,500. Still,...