Despite recent CPI data and various events, the crypto market remains surprisingly stable.
The cryptocurrency market has been as tranquil as the cover image of this newsletter. Remarkably, Bitcoin managed to gain 1.5% over the past week, which is quite substantial given the current market conditions. However, overall, there haven't been any significant fluctuations, and many of the inherently volatile altcoins are trading at only minor losses.
Just a week ago, Bitcoin was trading below $26,000, briefly dropping to $25,000 on Monday. Fortunately, bullish sentiment prevailed, leading to a recovery in a classic Bart-shaped chart pattern. Since then, it has been mostly upward momentum, with the current price sitting at $26,250.
However, the rest of the market paints a different picture, with many altcoins experiencing declines. Notably, XRP is down by 1.9%, Binance Coin (BNB) by 1.2%, Ethereum by 1%, Solana by 4%, Cardano by 3%, and so on. There are exceptions, such as TRX, which has risen by around 6%, and Toncoin (TON), the top-performing major altcoin this week, showing gains of up to 8.5%.
Perhaps the most intriguing development of the week was a 70-page unpublished Twitter rant by Sam Bankman-Fried, the former CEO of what was once a leading cryptocurrency exchange, FTX. He attempted to justify his actions on Twitter but ultimately decided to share them with Tiffany Fong, who, in turn, shared them with the New York Times. There are certainly some noteworthy insights in those pages.
Elsewhere, MetaMask introduced MetaMask Snaps, a project that has been in development for a long time and is seen as a significant step forward for the developers of the world's largest self-custody wallet.
Coinbase CEO Brian Armstrong defended decentralized finance (DeFi), arguing that it should not fall under the jurisdiction of the US Commodity Futures Trading Commission (CFTC), a stance that was somewhat expected.
Perhaps the most significant news of the week was the higher-than-expected US CPI numbers. Surprisingly, despite rising inflation, Bitcoin remained stable.
It's exciting to anticipate what the coming days hold for the market. One thing is certain: the absence of volatility in the crypto market often precedes a significant movement. However, the direction of that movement remains uncertain.
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