Bitcoin (BTC) seems to be stabilizing this Friday, concluding a notably challenging trading week for the leading cryptocurrency.
Following a decline by a percentage point on Thursday, the BTC/USDT pair witnessed a slight uptick this morning, with its current value just above $26,800.
This translates to a week-over-week decrease of approximately 2.4%, juxtaposing the upbeat week for the Nasdaq blue-chip index.
#Bitcoin seems to be stabilizing on Friday. After dropping by a percentage point on Thursday, the #BTC/#USDT pair saw slight upward movement this morning, and its current value is just over $26,800. This results in a weekly decline of approximately 2.4%, in contrast to the Nasdaq… pic.twitter.com/GMz513TRT9
— Share_Talk ™ (@Share_Talk) October 13, 2023
However, the broader risk assets are experiencing a dip in investor confidence compared to the US dollar, as persistent worries about inflation propel the greenback upwards.
The US inflation data from Thursday was a tad higher than anticipated, leading to one of the strongest performances for the US Dollar Index (DXY) this year.
Regrettably for those trading bitcoin, the crypto realm seems to be notably reactive to current inflationary apprehensions.
While Bitcoin faced a challenging week, the situation seems even grimmer for Ethereum (ETH).
Ethereum, the world’s second-largest cryptocurrency, touched its lowest point in seven months this past Thursday, with the ETH/USD pair nearing the 1.5k mark.
While Ether managed a late surge and now trades at around $1,540, concerns about low trading volumes and liquidity in its spot market continue to plague the currency.
The enthusiasm for Ether staking appears to be waning. Although the count of active validators keeps rising, the wait time to join has drastically reduced from its peak of 45 days in June to a mere 5.5 hours now.
This indicates that since Ethereum’s shift to proof-of-stake in April, the appeal of Ether’s staking rewards has been on a decline.
Surveying the wider altcoin domain, Solana (SOL) tops the list of significant value losers, shedding over 7% of its market value in the last week, closely followed by Ripple (XRP).
Other coins like Cardano (ADA), BNB, Dogecoin (DOGE), and Tron (TRX) have also posted negative returns for the week.
The global crypto market’s worth currently hovers around $1.05 trillion, with Bitcoin commanding a market share of slightly over 51%.
