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While the top cryptocurrencies rose earlier in the week, they fell following the Fed’s rate updates. Dogecoin was hit the hardest.
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Crypto follows stocks
With Sam Bankman-Fried indicted, behind bars and the FTX explosion fading, crypto prices finally started to act normally this week. And that means: just as volatile as the stock market.
Bitcoin (BTC) and Ethereum (ETH) moved in lockstep with Wall Street this week, topping out on Wednesday in anticipation of a Federal Reserve rate update following a better-than-expected report from the Bureau of Labor Statistics the US that inflation had fallen. to 7.1% in November. At its peak on Wednesday before the Fed meeting, BTC rose back above $18,000 for the first time since FTX’s spectacular mid-November collapse.
Both cryptocurrencies then fell immediately following the announcement on the same day that the US Federal Reserve plans to continue raising interest rates until 2023 to fight inflation.
As of Saturday morning, Bitcoin is down 2.6% over the past seven days. Ethereum, on the other hand, has fared even worse, down 6.6% over the period.
Top Losers of the Week: Dogecoin (DOGE)
But Dogecoin (DOGE) is the week’s biggest loser in the crypto top 10 – the meme coin is down a whopping 20% since last weekend. DOGE started the week down a whopping 9% overnight on Monday night. The rest of the week was no better – the coin doubled its losses, falling another 11% to 7 cents through Saturday.
At the end of November, DOGE was still rising – at the time due to speculation that Elon Musk might integrate the coin into Twitter as a payment method. This week’s news cycle was less positive, Twitter notwithstanding: it mostly concerned Musk’s banning of several journalists from the social media platform.
This week’s win is not necessarily driven by market forces alone. TON, the native token of messaging app Telegram’s Layer 1 blockchain “The Open Network,” surged a whopping 29.8% this week. Earlier, Telegram announced that users no longer need SIM cards to use the app.
Users can now buy anonymous phone numbers from Telegram with TON instead. A move that sets the privacy-friendly app apart from rivals like Signal and WhatsApp. With them, users are still registered and verified with real mobile phone numbers.
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Last updated on December 18, 2022
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