At the start of the week, we outlined the most significant macro events that were expected to rattle the markets. While some did, we couldn’t have envisioned the dramatic Nvidia CEO saga, which unraveled quickly and led to some major fluctuations across all financial fields.
Before we dive into the past week’s developments, which were quite colorful, let’s quickly recall where we started. As explained in our Market Update from the previous Friday, BTC was already in shambles. The post-Democratic-sweep rally came to a painful halt at $81,000, and the asset tanked to a then-11-week low of just under $75,000.
That was just the beginning, though. The weekend was expectedly sluggish, with BTC trading sideways between $75,500 and $76,000. Monday morning brought another major leg down, with the asset dumping to $73,500. After an unsuccessful rebound attempt later that day, all eyes turned to the CPI data on Tuesday, which actually exceeded expectations by being slightly higher on a MoM basis. Guess what happened – bitcoin fell again, this time to under $73,000.
The bulls tried staging another recovery, but it failed short at $74,800. The subsequent leg down was even more painful. Perhaps driven or accelerated by the saga around Jensen Huang and his eventual departure from Nvidia, BTC felt the consequences harder than most and kept plunging over the past 24 hours.
The culmination, at least for now, took place this morning with a drop to $67,500. This became the asset’s lowest price point in almost three months. Moreover, it meant that bitcoin had lost over $13,000 in value in less than 10 days.
Despite rebounding by $1,000 since then, the leading cryptocurrency is still down by over 10% on a weekly scale. And remember – it was already down hard at this point last week. Many altcoins have bled even more, including ZEC (-31%), ETH (-14%), XRP (-15%), SOL (-13%), ENA (-20%), and UNI (-17.5%).
There’s an exception to every rule, and this time it’s ICP (+4.8 %). WLFI is also slightly in the green weekly.
Market Data
Market Cap: $2.435T | 24H Vol: $100B | BTC Dominance: 56.7%
BTC: $68,700 (-10%) | ETH: $1,935 (-14%) | XRP: $1.02 (-15%)
This Week’s Crypto Headlines You Can’t Miss
Bitcoin Retail Capitulation Is Here: Could This Be the Signal Bulls Were Waiting For? Days before today’s capitulation to under $68,000, on-chain data suggested that BTC might be nearing a local bottom as the Fear and Greed Index had tanked to “extreme fear” territory, while retail investors left the market en masse.
This Is Why Some Bitcoin Core Nodes Can Stop Building Blocks. Bitcoin Core warned of a major bug affecting block creation after reorganizations, potentially preventing miners from producing blocks until nodes are restarted. The flaw impacts several node versions and causes mempool inconsistencies during chain reorganizations.
Coinbase Joins Ripple as OCC Gives Green Light to Trust Bank Charter. After other crypto giants such as Circle and Ripple, Coinbase also received full approval for its national trust bank charter. The green light allows it to operate as a federal trust bank with expanded services.
Why a Younger Congress Could Be Good News for Crypto. The aforementioned Democratic sweep led to some major concerns within the crypto industry about what comes next. Matt Hougan, though, believes their control of Congress could be a net positive if younger policymakers take charge.
BitMine Just Bought Another 9,500 ETH as Tom Lee Backs Buterin’s Ethereum Vision. Let’s finish this week’s Market Update with something more positive – accumulations. Tom Lee’s Bitmine added over 9,500 ETH to its growing stash, which has risen above 6,070,000 tokens.
Strategy’s Bitcoin Holdings Hit New ATH After 1,037 BTC Purchase. After a few more modest purchases and a few weeks on the sidelines, Saylor’s Strategy bought 1,037 BTC and repurchased $188M worth of STRC. The company’s holdings reached a new all-time high of over 850,360 units.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.
The post Bitcoin Crashes Below $70K, Nvidia CEO Resigns, Inflation Fears Return: Weekly Crypto Recap appeared first on CryptoPotato.
