$82,091.00
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0.00%$0.364284
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2.75%$4.25
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0.46%Reading
Most cryptocurrencies are down this week, as the price of Bitcoin and other major coins and tokens struggled to gain ground for another depressing week.
Bitcoin is now trading for $61,275, according to CoinGecko—a seven-day drop of more than 3%.
For a market known for its rollercoaster volatility, things are... well, boring. That's the verdict of analyst and Capriole Investments founder Charles Edwards, who said on Twitter Thursday that the lack of movement for the top cryptocurrency is part of the normal cycle.
Bitcoin is in the "Bore you to Death" Phase. This lasts between 1-6 months and is designed to bore you to death. When you are sufficiently bored from sideways chop, common symptoms will include thinking the halving is priced in, the bull market is over and selling to buy stocks…
— Charles Edwards (@caprioleio) May 9, 2024
The biggest digital asset, which exploded in value following the historic approval of U.S. exchange-traded funds (ETF) on stock exchanges, has struggled to gain ground after plunging below its 2021 record high of $69,044 in early April.
The exhaustion of ETF hype fears that the Federal Reserve won't cut interest rates stunted the coin's seemingly unstoppable rise.
Things might be picking up, though: for three days this week, money flowed into the Bitcoin-based TradFi products.
It might be a while until Bitcoin touches its all-time high again. A Friday report by CoinShares said that, ultimately, it will come down down to what the U.S. central bank does.
The months-long torrent of cash flowing into new Bitcoin exchange-traded funds (ETFs) has finally stalled. Investors pulled nearly $218 million out of the products yesterday, according to data from London-based investment firm Farside Investors. The substantial cash out comes after a key federal economic report indicated that the American economy grew slower than expected in the first quarter. The metrics likely mean that the Federal Reserve won’t slash interest rates anytime soon, after raising...
Meme coin mania continued, as developers continued to do weird and wacky things to get their assets noticed, but more established cryptocurrencies that made big gains last week still suffered, the frothy activity ultimately not lifting the needle. Solana-based Bonk, for example, is down nearly 15%, trading for $0.00002342.
Dogwifhat, which also runs on Solana, took a dip of more than 7% over seven days. It's now priced at $3.12.
Finally, Dogecoin—the Elon Musk favorite and 10th biggest cryptocurrency by market cap—enters the weekend down over 10% at $0.145. But It isn't all bad news: the original meme coin looks set to reward long-term holders as it approaches a "golden cross."
Elon Musk’s favorite cryptocurrency is far, far away from an all-time high price of $0.73 set in 2021. But for a majority of Dogecoin holders, there’s little reason to tuck their tail in between their legs. Some 77% of Dogecoin (DOGE) holders are in the money—meaning the cryptocurrency’s price is above what it was relative to when people bought it—according to IntoTheBlock. With 21% of Dogecoin holders posting paper losses, that leaves a 2% sliver of holders at breakeven. The original meme coin...
Elsewhere, Ethereum, the second biggest cryptocurrency, struggled more than other major cryptocurrencies, dropping by close to 7% over the week. It's now priced at $2,927.
The asset has been gradually declining since a high-profile lawsuit 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.
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,...
