This week in Coins: Bitcoin and Ethereum fall with stocks, Dogecoin plunges 20%

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

Charged with Sam Bankman-Fried and behind bars and FTX’s implosion, which (quite slightly) started to fade in the rear-view mirror, this week saw coin prices finally start behaving normally. And that meant: just as turbulent as the stock market.

Bitcoin (BTC) and Ethereum (ETH) moved in lockstep with Wall Street this week, peaking on Wednesday in anticipation of a rosy Federal Reserve interest rate update after the US Bureau of Labor Statistics released better-than-expected news on inflation fell to 7.1% in November. At its peak Wednesday before the Fed’s meeting, BTC jumped over $18,000 for the first time since FTX’s spectacular collapse in mid-November.

The two top cryptocurrencies then crashed immediately following the Fed’s announcement on the same day that the US Federal Reserve plans to raise interest rates further through 2023 to fight inflation.

As of Saturday morning, Bitcoin was down 2.6% over the past seven days, while Ethereum underperformed, down 6.6% over the period.

But the week’s biggest loser in the top 10 is Dogecoin (DOGE), which is down a whopping 20% ​​since last weekend. Crypto is the biggest same corner started the week on a rough note, 9% degraded overnight on Monday evening. The rest of the week didn’t get any better as the coin doubled its losses, falling another 11% to 7 cents by Saturday.

DOGE was stalled in late November by speculation that Elon Musk was planning to integrate it with Twitter as a means of payment; This week’s news cycle, while Twitter dominated, was less positive and focused on Musk’s banning of several journalists from the social media platform.

Apparently, winning this week took more than just braving the winds of market forces. TON, the native token of Telegram’s messaging app’s decentralized Layer 1 blockchain The Open Network, surged a whopping 29.8% this week after Telegram announced that users no longer need SIM cards to use the app . Users can now buy anonymous phone numbers from Telegram with TON instead, a move that sets the privacy-focused app apart from competitors like Signal and WhatsApp, which still require users to sign up with real cell phone numbers.

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