From the price moves in Bitcoin and Ethereum to Mastercard (MA) and Binance rolling out a Crypto Card and the upcoming Bitcoin Depot IPO, scroll down for your weekly wrap-up of all things crypto.
Be sure to also check this week’s coverage of cryptocurrency ETFs like BITQ, BLOK and BITS.
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Cryptocurrency Price Action
Bitcoin hit $21,800 before Friday’s market open. But the Fed’s hawkish comments from the day sent the broader indexes spiraling, and Bitcoin with them. BTC plummeted to $20,728 by the closing bell.
BTC passed $25,000 on August 18 but since tumbled on missed retail sales, Federal Reserve plans to continue rate hikes and central bank discussions over crypto risk and regulation. But the world’s largest cryptocurrency is down roughly 53% so far this year. It gained 16.8% in July, it’s best monthly performance since October 2021, and is up two of the past three days. Still, the latest dips continue to cut into Bitcoin’s rebound.
Ethereum also dropped to $1,561 by the afternoon after climbing to $1,721 Friday morning. Ethereum fell from $1,643 over the weekend but has steadily recovered from Monday’s low of $1,565 . ETH hit $2,000 last week – it’s highest level since late May – after successfully transitioning its Goerli network to proof-of-stake earlier this month. Goerli marked the final test network before the official merge to a PoS blockchain, which was expedited to September 15. But the price of Ethereum has fallen along with the recent dip in the broader crypto markets.
Most Popular Cryptocurrencies
Digital asset investments are extremely volatile. While cryptocurrency’s fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, cut losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.
Despite their original promise, cryptocurrencies haven’t acted as hedges against inflation. Instead, they’ve trended with the broader indexes. Read The Big Picture and Market Pulse to track daily market trends.
View IBD’s Best Cryptocurrencies And Crypto Stocks To Buy And Watch page to help navigate the world of digital asset investments.
Want a deeper dive into crypto? Check out the What Is Cryptocurrency? explainer page.
Are They Tying The Knot Or Not?
Bloomberg reported Thursday afternoon that crypto exchange FTX would absorb the VC operations of its sister company, Alameda Research. Both are owned by billionaire Sam Bankman-Fried, who allegedly wanted to consolidate his empire while cryptocurrencies work on rebounding.
Alameda CEO Caroline Ellison outlined the changes in an interview with Bloomberg. And Amy Wu, head of FTX’s $2 billion startup VC arm, FTX Ventures, told the news outlet that the transition began in January. No money changed hands between FTX and Alameda but venture investing is now completely concentrated under FTX Ventures, Bloomberg reported. The exchange, venture arm and Alameda are all independent from each other and, “all three are operating completely as separate entities,” Wu told Bloomberg.
But contradicting statements quickly emerged, with Bankman-Fried and Wu both denying the reports. Bankman-Fried tweeted, “this seems like a big misrepresentation to me! FTX has been doing more venture recently, and I guess maybe Alameda has been doing less? That’s a really different thing than what the headline implies!”
And Wu told CoinDesk via Telegram that, “the two entities, Alameda and FTX Ventures, did not merge. Sam decided to launch FTX Ventures as a new fund and investment strategy [at the] beginning of the year because we felt there was a great opportunity to support entrepreneurs in the space our own way.”
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