Saturday, December 3, 2022
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This Week’s Coins Report

Since the last couple of months, trading in cryptocurrencies has become more risky as we’ve seen a lot of coins lose more than half of their value. With the second week of the FTX disaster story, investors in cryptocurrencies should expect that the situation will become worse before it gets better. Bitcoin and Ethereum, the two cryptocurrencies that now dominate the market, do not seem to be plunging at the moment.

Bitcoin and Ethereum Price Report:

Bitcoin (BTC), the cryptocurrency with the largest market capitalization, had its price decline by just 1% in the last week and is now trading at $16,655. Ethereum (ETH), the second most valuable cryptocurrency, has seen a loss of almost 4% of its value and is now trading at $1,210 as of the beginning of the weekend.

Both of them looked to make a comeback on Tuesday with the release of new data from the most recent PPI (Producer Price Index) report from the United States Department of Labor, which indicated a fall in the cost of items other than food and energy. Many others saw it as a sign that inflation in the United States may finally be beginning to ease, which would provide the Federal Reserve with some incentive to relax the stringent fiscal policies it has been enforcing. In response to the news, the stock market also improved.

Cardano (ADA), Polygon (MATIC), Dogecoin (DOGE) and Shiba Inu (SHIB) Price Report:

This week saw a drop in value of between 5% and 10% for a number of prominent cryptocurrencies, including Cardano (ADA), Polygon (MATIC), the popular dog meme currency Dogecoin (DOGE), and Shiba Inu (SHIB).

Solana (SOL) saw the largest decline among the top twenty cryptocurrencies based on market capitalization, falling 17% to $13.31 in value. FTX was one of the initial sponsors of Solana, and the whole Solana ecosystem is impacted by the implosion; the explosion radius includes layoffs at the Solana NFT Protocol Metaplex. FTX was one of the first companies to support Solana. 

This week, it came to light that the Solana network had extensive links to the now-defunct Sam Bankman’s multibillion-dollar crypto enterprise. At the same time, numerous other top firms in the sector made public announcements that they had exposure to FTX. 

Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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