Illustration by Mitchell Preffer for Decrypt.
The prices of the leading cryptocurrencies saw another decline this week short up Last week.
Market leader Bitcoin (BTC) is down a modest 2% overnight to below $29,000 on Thursday, after the minutes of the Federal Reserve’s last monetary policy meeting were released the day before. The document indicates that the US Federal Reserve will continue with its conservative monetary policy in order to curb inflation.
Bitcoin fell later that day under $28,000 For the first time in two months. By mid-afternoon, it appeared to be in the midst of a lightning crash and hit rock bottom $25,649 before he recovers a little.
analysts told decrypt that market liquidity has been declining for some time, leaving the entire market vulnerable to a sudden large sell-off.
And there was a huge sell-off. News that Chinese real estate giant Evergrande has filed for Chapter 15 bankruptcy protection in a Manhattan court prompted institutional and large investors to dump riskier assets like stocks and bitcoin, prompting the sudden drop.
All told, Bitcoin ended the week at $25,935, down 11.9% in seven days.
Closest competitor Ethereum (ETH) fared similarly, down 10.2% on the week to $1,662.
Overall, these were some of the smallest price moves. Altcoins fell more generally, with most other leading cryptocurrencies seeing losses of between 10% and 20% including BNB, XRP, Dogecoin (DOGE), Solana (SOL), Polkadot (DOT), Polygon (MATIC) and Avalanche (AVAX) . .
Holders of Uniswap (UNI), Litecoin (LTC) and Shiba Inu (SHIB) suffered losses of over 20%, falling over 23%.
The most resilient cryptocurrency in the top 20 by market cap was TRON (TRX), which fell just 4.8% and is currently selling for $0.073810.
In the news…
Regulatory uncertainty surrounding crypto continued as the news cycle across the US and beyond gave crypto hopefuls very little to chew.
On Monday, the Federal Deposit Insurance Corporation — a leading U.S. banking regulator — devoted two pages out of ninety to crypto in its annual report. As insignificant as it may seem, this was a first for the FDIC, which used the scarce space to suggest that crypto could pose a threat.novel and complex“Risks to the financial system.”
Argentinian bitcoin fans enjoyed a different week than the rest of us. The world’s most popular cryptocurrency hit its Argentine all-time high of 10.2 million Argentine peso (ARS) on Wednesday, buoyed by a surprise victory in the country’s presidential primary by hopeful Javier Milei, a self-confessed libertarian known for it Pro-Bitcoin attitude.
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