Both bitcoin and ether continued to decline over the weekend, while Stacks’ token STX led the weekly gains, up 108%.
Cryptocurrencies bitcoin and ether both fell over the weekend, continuing their decline after a week of macroeconomic uncertainty and ongoing uncertainties on the regulatory front. Both cryptocurrencies have dropped more than 5% in the past week.
Bitcoin was trading at $23,211 on Sunday morning, down 5.8% from the past 7 days. According to Coinecko, Ether is also down 5.3% during this time at $1,602.
Other altcoins also had a rough week, with XRP down 4%, Cardano down 11.1% and Solana down 3.5%. Memecoins are no better, with Dogecoin down 8.5% and Shiba Inu down 5.3%.
The one that shined this past week has been Stacks’ STX, which has gained 108% over the past seven days.
Macro problem
Data released on Friday continued to put the serious macroeconomic and inflation themes at the forefront of traders’ minds, with the personal consumption expenditures index up 0.6 percent on the month. ahead of the estimate of 0.4%.
Meanwhile, the International Monetary Fund has taken a tough stance on the growing adoption of cryptocurrencies with a series of recommendations to member states and calls for a “coordinated response.”
The International Monetary Fund says cryptocurrencies pose a threat to the effectiveness of global monetary policy.
Crypto stocks
Crypto stocks also had a rough week.
Coinbase shares fell 10% for the week, while Microstrategy down 9.7%. Silvergate had another rough week, with shares falling 21%. Block stock alone is doing well, up 0.5% for the week.
The drop in crypto stocks comes amid regulatory concerns, with the US Securities and Exchange Commission, the New York Department of Financial Services and the Attorney General of the State of New York protesting. revised plan of Binance.US to acquire crypto lending company Voyager.
Attorney General of New York also suing Cryptocurrency exchange CoinEx for allegedly not registering with the regulator.
Taking the opportunity of Coinbase’s share price to fall, Cathie Wood’s of the Ark Invest fund spent a large amount of money to ‘collect’, she bought an additional 181,972 shares of Coinbase into the Ark Innovation ETF and 31,547 shares into the Ark Next Generation Internet.
See also: People’s Bank of China injects liquidity, will Bitcoin price increase?
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