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Most cryptocurrencies are down this week as the Bitcoin price and other major coins and tokens struggled to gain ground during yet another depressing week.
Bitcoin it is now trading for $61,275, according to CoinGecko – down more than 3% in seven days.
For a market known for its rollercoaster volatility, things are… well, boring. That’s the verdict of analyst and founder of Capriole Investments, Charles Edwards, who he said on Twitter on Thursday that the lack of movement in major cryptocurrencies is part of the normal cycle.
The biggest digital asset, which exploded in value following the historic approval of US exchange-traded funds (ETFs) on stock exchanges, has struggled to gain ground after falling below its 2021 record high of $69,044 earlier Of april.
Exhausting ETF hype fears that the Federal Reserve’s failure to cut interest rates will overrun the currency’s seemingly unstoppable rise.
But things may be looking up: for three days this week, money flowed in Bitcoin-based TradFi products.
It may take a while for Bitcoin to reach its all-time high again. A Friday report from CoinShares he said that ultimately it will all come down to what the US central bank does.
The meme coin craze continued, as developers continued to do weird and crazy things to get their assets noticed, but the more established cryptocurrencies that made big gains last week still suffered, and the frothy activity ultimately failed to lift the needle. Solana-based Bonkfor example, it fell almost 15%, trading for $0.00002342.
Dog hat, which also runs on Solana, fell more than 7% in seven days. It now costs $3.12.
Finally, Dogecoin– Elon Musk’s favorite and the tenth largest cryptocurrency by market value – enters the weekend with a drop of more than 10%, at US$0.145. But it’s not all bad news: the original meme coin looks set to reward long-term holders as approaches a “golden cross”.
In another place, Ethereum, the second-largest cryptocurrency, struggled more than other major cryptocurrencies, falling nearly 7% during the week. It now costs $2,927.
The asset has been gradually declining since a high-profile lawsuit filed by software company Consensys alleged that the SEC was deliberately trying to make things difficult for those in the Ethereum sphere.
Edited by Ryan Ozawa.
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