This Week In Crypto

There’s no doubt it’s been a wild week in the financial markets. But what could it mean looking ahead?

The markets took a dive this week, after high inflation figures and consequent interest rate hikes by central banks added to the pessimism. While this wasn’t unexpected, it seems like this year’s roller coaster ride will continue for a while yet. As we’ve said before, in times like this it helps to have a Warren Buffet-style wealth builder mindset. It lets you look beyond short-term market fluctuations and focus on the long term.

The Ethereum Foundation has clarified that The Merge will not reduce gas fees, but will lead to energy savings of 99.95%. That’s a huge deal for Ethereum and for blockchain technology in general, as so many applications are built on top of Ethereum. For more on what The Merge could mean for you, read on…

Weekly highlights

• In the USA the FED has issued guidelines for crypto banks to enter the central banking system.
• Galaxy Digital terminates its BitGo acquisition, citing a breach of contract — and in return, BitGo has sued for $100 million in damages for the terminated acquisition.
• “I, and I alone, am responsible.” — Terra (LUNA) founder Do Kwon has first interview since the crash, and lawyers up ahead of the South Korean investigation.
• Inflation is still running wild. In the Euro zone inflation has hit an all-time high, and the UK has double-digits for the first time in 40 years. Meanwhile, the Reserve Bank of Australia (RBA) has signaled that there will be more half-point hikes as inflation fears grow down under.

Bitcoin update

Bitcoin entered the week pushing higher and above the 100-Day Moving Average to highs of $25,212. However, a sharp turn in sentiment saw Bitcoin break lower until support at $20,760 proved a solid base to halt the bearish momentum. Price consolidated within the $20,760 and $21,600 range before closing down at minus 11.55% week on week.

Ethereum update

After six weeks of consecutive gains, Ethereum’s price retraced. A strong rejection of the 2,000 resistance proved to be the turning point. Its price fell to previously rigid support at $1,700 before succumbing to the selling pressure leading into the weekend. At the close, the price settled at $1,617 for a minus 16.43% decline week on week.

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