Coin prices returned to normalcy this week after the meltdown of FTX was finally put behind us and Sam Bankman-Fried was arrested and prosecuted. In other words, it was as tumultuous as the stock market.
Following the U.S. Bureau of Labor Statistics’ better-than-expected report showing inflation declined in November to 7.1%, Bitcoin (BTC) and Ethereum (ETH) rose in tandem with Wall Street this week, reaching a peak on Wednesday in expectation of a positive interest rate update from the Federal Reserve. Prior to the Fed’s meeting on Wednesday, BTC reached a high of over $18,000, its highest position since the stunning collapse of FTX in mid-November.
On the same day, the Federal Reserve said that it will continue rising interest rates through 2023 in an effort to curb inflation, prompting a sharp decline in the value of the two most popular cryptocurrencies at the time.
Over the previous week, Bitcoin has lost 2.6%, while Ethereum has lost 6.6% as of early Saturday.
However, Dogecoin (DOGE) has lost the most this week among the top 10, falling by a stunning 20% over the previous weekend. The week started out poorly for crypto’s largest meme coin, which lost 9% in value during the course of Monday night. The rest of the week was no better for the coin, as value dropped by another 11% to 7 cents.
Despite Twitter’s dominance this week, the news was less upbeat than usual because of Elon Musk’s exclusion of numerous journalists from the social media network. This caused the price of DOGE to skyrocket in late November.
