This week in coins. Illustration by Mitchell Preffer for Decrypt.

Like last week, the news cycle was dominated by Russia’s invasion of Ukraine, and market leader Bitcoin suffered knock-on effects from the conflict. On Monday, Bitcoin traded for as low as $37,500, but a curious midweek rally drove the price up 20% before that wave crested, with prices tumbling to $39,533 as of this writing.

Broadly speaking, Bitcoin’s rapid gains and losses mostly leveled out, with it finishing the week up 0.78%. Ethereum fared worse, falling about 4.3% in the last seven days to $2,670.

Despite the generally bearish climate—crypto’s total market capitalization dropped 2.1%, about $68 billion, overnight—most cryptocurrencies entered the weekend little changed, with no significant losses among the most popular coins, except for the 9% decline of Algorand. The scalable proof-of-stake blockchain’s token was trading at about $0.77 as of this writing.

A couple of cryptocurrencies surged over the last week: NEAR Protocol was up 13%, trading for $10.43, while Terra’s LUNA added 14% to reach $86.

The week’s news

The Canadian arm of global accounting giant KPMG kicked the week off with some unexpected news—it purchased a World of Women NFT—although it wasn’t KPMG Canada’s first foray into digital assets, having just last month purchased Bitcoin and Ethereum. Still, a Big Four accounting firm grabbing an NFT is huge news for non-fungible tokens.

On Tuesday, Cambridge University’s Centre for Alternative Finance (CCAF) announced a “public-private digital assets research…


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.