The cryptocurrency market experienced a volatile week, with Bitcoin and other major coins falling sharply on Friday.This was due to a combination of factors, including a stronger-than-expected US jobs report and a sell-off in risk assets.Despite the recent downturn, there are still some positive signs for the crypto market, such as the continued growth of decentralized finance (DeFi) and the development of layer-2 scaling solutions for Ethereum.
Key Events
The US Securities and Exchange Commission (SEC) delayed its decision on whether to approve a spot Bitcoin ETF for the fifth time.
The Federal Reserve raised interest rates by 0.75%, the largest rate hike since 1994.
Tesla CEO Elon Musk said that he would be selling some of his Bitcoin holdings if the network does not do more to reduce its environmental impact.
Price Movements
Bitcoin started the week at around $71,000 and traded above that level for most of the week. However, on Friday,the price fell sharply to below $67,000, where it ended the week.
Ethereum also fell sharply on Friday, dropping from around $4,000 to below $3,500.
Other altcoins also saw losses on Friday, with many coins falling by 10% or more. This included Cardano, Solana,and Polkadot.
Overall Market Capitalization
The overall cryptocurrency market capitalization fell by around $100 billion in the past week, and is now down by around 50% from its all-time high.
Future Outlook
The future outlook for the cryptocurrency market is uncertain. The recent downturn could be a temporary setback, or it could be the start of a more prolonged bear market. Investors should carefully consider their own risk tolerance before investing in cryptocurrencies.
Disclaimer
The information provided in this article is for informational purposes only and should not be considered as investment advice. Please do your own research before investing in any cryptocurrency.
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