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Bitcoin’s 1 week range: $44,160-$48,238

The Bitcoin (BTC) Takeaway: The price of bitcoin made a huge jump early in the week, going from the $44,000 level to $47,000 and staying in that range before sliding to $46,000. The U.S. stock market seems to be acting as somewhat of a guide for crypto traders as S&P 500 performance started the week up then losing steam on concerns about interest rates and the possibility of recession.

Source: CoinDesk

Ether’s 1 week range: $3,110-$3,483

The Ether (ETH) Takeaway: Ether closed in on the $3,500 level before slipping – the higest its been since January. The world’s second largest cryptocurrency by market capitalization is still working in tandem with BTC, with it rising from teh $3,100 level to $3,300 quickly early on in the week and staying there before slipping down to $3,200. Potential for the Ethereum network’s upgrade could change that but it hasn’t happened quite yet.

What’s Hot This Past Week – the Best Performing Cryptos on Passfolio: 

  • SKALE Network (SKL) +73%
  • Aave (AAVE) +50%
  • Synthetix (SNX) +42%
  • Radicle (RAD) +26%
  • Solana (SOL) +25%

What’s Not This Past Week – the Worst Performing Cryptos on Passfolio: 

  • ASH (ASH) -35%
  • Somnium Space Cubes (CUBE) -16%
  • Zcash (ZEC) -9%
  • API3 (API3) -9%
  • ApeCoin (APE) -7%

What to Watch For: 

  • Some analysts belive that the stablcoin project Terra, which issues the Luna (LUNA) token, may be one of the reasons why the cryptocurrency markets have done so well the past week. The project has announced it intends to buy $10 billion worth of bitcoin to back the stablecoin, including buying over $125 million worth of BTC per day.
  • Popular crypto game Axie Infinity, which allows users to earn blockchain-based assets like NFTs for playing, has been hacked. The “bridge” Ronin, which allows users to port crypto over to the game, was apparently a vulnerable target since the platform was targeted in the attack. Over 130,000 ETH and 25 million USDC was stolen, worth around $600 million at recent market prices.
  • Regulators in the United Kingdom have been pondering a framework for crypto for some time, and a recent ruling there has made regulations clamp down on all blockchain transactions. This has led to some cryptocurrency companies to rethink their strategy around offering services in Europe. One example is the wallet and exchange firm Blockchain.com, which has withdrew its licensing application for the country.
  • The ApeCoin (APE) token was one of the biggest losers of the week, one in which most of crypto was in the green. The project behind the Bored Ape Yacht Club NFTs saw its Discord community hacked, with the communications platform compromised. Possible “phishing” could be a problem, as the compromised server was sending out links that could steal NFTs if users clicked on them.

Remember to check back with the Passfolio blog for more news for updates!