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Bitcoin’s 1 week range: $39,202-$43,979

The Bitcoin (BTC) Takeaway: The price of the world’s largest cryptocurrency by market capitalization dipped below $40,000 for the first time since mid-March. A dour market mood fueled by concerns about the global economy, including lockdowns in China, seemed to drag bitcoin down with other assets. However, bitcoin appears to be recovering from its fall, going back over $40,000 with heavy buying early on Wednesday.

Source: CoinDesk

Ether’s 1 week range: $2,947-$3,584

The Ether (ETH) Takeaway: Ether fell below $3,000 for the first time since March 24. It’s been a similar story for some time: The second largest cryptocurrency by market capitalization is following along with bitcoin. There is hopeful fundamental news for ETH, however – the upcoming upgrade to the Ethereum network seems near. A lot of testing has been positive, at least in the media, which could propel the asset into the future.

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

  • ApeCoin (APE) +4%
  • Bitcoin Cash (BCH) +4%
  • Merit Circle (MC) +3%
  • Somnium Space Cubes (CUBE) +3%
  • Ankr Network (ANKR) +2%

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

  • Index Cooperative (INDEX) -23%
  • Render Token (RNDR) -16%
  • Liquity (LQTY) -15%
  • SuperRare (RARE) -11%
  • Cryptex Finance (CTX) -10%

What to Watch For: 

  • Circle, which is one of crypto’s oldest companies and the backer of stablecoin US Dollar Coin, or USDC, just raised a whopping $400 million. Investors in the round include BlackRock and Fidelity, two traditional finance stalwarts. Stablecoins like USDC are important parts of the crypto ecosystem, as they are used in place of traditional dollars in decentralized finance, or DeFi, where the blockchain-based asset is really needed.
  • San Francisco-based cryptocurrency exchange Coinbase, which has trading volumes upwards of $2 billion per day, has announced it has started service in India. However, this has come to the surprise of regulators, who were not aware the company had planned to use the country’s UPI payment system to allow users to deposit. India’s regulators have had a mixed reaction to crypto overall, so it remains to be seen how things will play out.
  • The bitcoin mining arms race continues. Once a hobbyist pursuit, bitcoin mining continues to become big business. The latest development: Tesla, Blockstream and Block are getting into solar powered BTC mining. Many have criticized bitcoin’s energy usage from mining, and as result miners are always looking for green sources of energy to power the bitcoin network.
  • The U.S. Deposit Insurance Corporation, or FDIC for short, has placed an alarm on cryptocurrency with its member banks. FDIC provides insurance to depositors, up to $250,000 with its member banks. The agency has asked in a letter to its member banks to report back on their crypto-related activities, citing some concerns related to financial stability, among other reasons.

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