Weekly Recap: Bitcoin and Ethereum Fall But Dogecoin Crashes 20%

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

With Sam Bankman-Fried indicted and behind bars and the FTX implosion starting to fade (very slightly) in the rear view mirror, this week coin prices finally started to act on their feet. And that means jostling at the pace set by the stock market.

Bitcoin (BTC) and Ethereum (ETH) moved in step with Wall Street this week, rising Wednesday ahead of an upbeat rate update from the Federal Reserve, following better-than-expected news from the US Bureau of Labor Statistics that inflation fell in November to 7.1%. At its highest point on the Wednesday before the Fed meeting, BTC bounced above $18,000 for the first time since FTX’s spectacular crash in mid-November.

The top two cryptocurrencies tumbled on the heels of the Fed’s announcement earlier that day that the US central bank plans to keep raising rates through 2023 to combat inflation.

As of Saturday morning, Bitcoin had fallen 2.6% over the past seven days, while Ethereum had fared worse, down 6.6% over that period.

But the biggest loser of the week in the top 10 is Dogecoin (DOGE), down a whopping 20% ​​since last weekend. The crypto world’s largest meme coin started the week on a rough note, shedding 9% overnight on Monday night. The rest of the week fared no better, as the coin doubled its losses, falling another 11% to 7 cents on Saturday.

DOGE skyrocketed in late November on speculation that Elon Musk was planning to incorporate it into Twitter as a payment method; This week’s news cycle, while dominated by Twitter, was less positive, focusing on Musk’s banning several journalists from the social media platform.

TON, the native token of the layer-one decentralized blockchain of messaging app Telegram, The Open Network, is up 29.8% this week, following Telegram’s announcement that users no longer need SIM cards to use the app. . Users can now buy anonymous Telegram phone numbers with TON, a move that sets the privacy app apart from competitors like Signal and WhatsApp, which still require users to sign up with real mobile numbers.

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source: decrypt.co