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

Markets broadly dipped for the fourth consecutive week despite cryptocurrencies popping up everywhere—in things like Fidelity retirement plans—which caused “grave concerns” at the U.S. Department of Labor—in unsecured DeFi mortgages, and in an alleged pump-and-dump scandal by a Republican member of Congress.

Bitcoin and Ethereum were both on track to post weekly gains by Tuesday, when each hit its seven-day high—$40,714 and $3,026, respectively.

By the weekend, however, both leading cryptocurrencies had fallen sharply. Bitcoin, as of this writing, was down about 3.4% from this time last Saturday, to $38,340, while leading rival Ethereum declined 5.7% to $2,794.

Several top cryptocurrencies posted major seven-day losses, including Solana (SOL), down 9.2% to $92.42, XRP, down 13.8% to $0.61, and Terra’s LUNA, down 10.8% to $81.22.

Elsewhere, Avalanche (AVAX) and Polkadot (DOT) each fell about 17%, with AVAX going for $60.72 and DOT trading at $15.66. 

Among the top 20 coins by market cap, Polygon and NEAR Protocol really struggled, losing 20% to $1.11 and 29% to $11.18, respectively.

The week’s news

On Monday, officials from Canada’s central bank dismissed the idea that cryptocurrencies provide a viable alternative to the Canadian dollar in the face of growing inflation. 

In testimony before the House of Commons, the bank’s senior deputy governor, Carolyn Rogers, said, “I think if Canadians are looking for a stable source of payment and a stable source of value, cryptocurrencies


Source link

Leave a Reply

Your email address will not be published.

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed