This week was riddled with volatility as Bitcoin's price went on a wild ride. We also saw Biden's executive order, the highest CPI numbers in decades, and more.
Bitcoin Volatility, Biden’s Executive Order, and Russia-Ukraine Woes: This Week’s Crypto RecapThis week was riddled with volatility as Bitcoin’s price went on a wild ride. We also saw Biden’s executive order, the highest CPI numbers in decades, and more.
The cryptocurrency market went through some massive volatility throughout the past week. This was largely induced by President Joe Biden’s executive order on digital assets, US inflation numbers coming up, and the ongoing war between Russia and Ukraine. Let’s unpack. Bitcoin’s price was trading at around $41,000 this time last week but quickly headed south and dropped towards $39K on Saturday. What followed was a few days of choppy sideways action, and BTC even declined to $37,300 on Monday. On Wednesday, there was a leak of thethat the US President Joe Biden was to sign, and it was perceived very well by the market.
BTC skyrocketed above $42K in hours as the order itself was more positive than expected, especially amid the ongoing geopolitical tension. However, on the following day, the cryptocurrency crashed to where it was before the pump, printing a classic Bart chart and erasing all gains. During that day, the CPI numbersat 7.9% – the highest in decades. The CPI is an index that’s used to gauge inflation, though many believe the actual numbers to be much higher.
Altcoins followed Bitcoin’s price for the most part, but ultimately, most of them ended up losing value in the past seven days. BTC is down about 8%, ETH – about 9%, BNB – 7.5%, SOL – 14.6%, and so forth. Luna is the only exception from the top 10, and it’s up 3%.This is all you need not to miss any price action in the raging crypto markets.
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