Bitcoin inches downward in weekend trading to cap a turbulent week, while ether and other major cryptos also fall; mining GPUs won't generate a quick windfall. JPRubin23 and TheSamReynolds report
Ten-year Treasury yield daily close: 3.70%Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index ; Ether is the CoinDesk Ether Price Index ; Gold is the COMEX spot price. Information about CoinDesk Indices can be found atWith a couple of brief detours higher, bitcoin remained below $19,000 throughout the weekend.
Post Merge Ether spent a similarly dreary weekend almost entirely in the red. The second largest crypto in market value was recently changing hands at about $1,300, down more than a percentage point from the previous day, same time. ETH has been trading lower over the 10 days since the Merge, the technological shift of the Ethereum blockchain to a more energy efficient, proof-of-stake protocol. Other major cryptos were largely in the red with SOL and popular memecoin DOGE each down more than 2%.
For example, in the seven days following the release earlier this month of a disappointing Consumer Price Index, the CoinDesk Smart Contract Platform Index , which includes ETH, ADA and SOL, plunged almost 20%, while the CoinDesk Culture & Entertainment Index – filled with NFT-related and metaverse coins like ApeCoin’s APE and The Sandbox’s SAND slipped by “only” 6.9%.
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