Cryptocurrency markets are starting to show less and less volatility as the bear market continues. Bitcoin and Ethereum seem to have found their support levels and, this week, have been trading in a narrow range. Let’s recap this week for crypto market news affecting Bitcoin and Ethereum prices.
A Week in Review
Some of the most notable news this week for cryptocurrency markets include:
- Mastercards is launching a program to enable financial institutions to offer cryptocurrency trading services.
- Coinbase threatened to sue roughly a thousand users for exploiting a pricing glitch on their platform.
- A recent report highlighted that over $740M in Bitcoin left exchanges, a bullish sign suggesting traders are preparing to hold BTC for a prolonged period of time.
- Ethereum’s next network upgrade, Shanghai, already has a testnet and is scheduled for sometime in 2023.
- The global economy isn’t doing too hot, as data reveals UK inflation is at a 40-year high.
- Ethereum developers disagree with the censorship debate for the blockchain, which could result in a fork.
- Grayscale is suing the SEC for not approving its conversion of the Grayscale Bitcoin Trust to a spot Bitcoin ETF.
- Elon Musk shares his thoughts on the economy, suggesting that the bear market might last until the Spring of ’24.
- Ethereum’s tokenomics are now deflationary after the network merge, the effects of which we will likely start noticing over the next several months.
There has been plenty of development and news in the markets this week, but surprisingly the global crypto market cap remained essentially unchanged.
Bitcoin is trading at $19k, while Ethereum holds above $1,300. While the trading volume is down significantly today, that’s expected as Saturday the markets slow down even further.
The good news is that the lack of volatility provides new investors with further confidence in opening long-term positions. After all, a sideways trading market is always preferred to a bear market, signaling the transition to a trend reversal.
BTC dominance remains at 39.9%, with Ethereum’s at 17.4%. While ETH has been outperforming BTC in the past, it seems the two crypto assets are moving in tandem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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