Weekly Crypto Update: Bitcoin Declines, Ethereum Stable as Trump Family Takes Residence
The cryptocurrency market saw a relatively calm week, though in the world of crypto, “quiet” is always relative. Bitcoin experienced some fluctuations, initially trading above $60,000 before dropping to as low as $57,787 by Thursday, ending the week at $59,131 per coin, marking a 2% decrease over seven days and an 8% decrease compared to the previous month.
Bitcoin still has a way to go to reach its all-time high of $73,747 in March. Mining difficulty on the main blockchain increased, posing challenges for miners. Additionally, the U.S. government continued to handle Silk Road seized coins.
Ethereum’s price remained stable around $2,595 over the week, showing a 23% decline over the past 30 days. Former U.S. President Donald Trump’s crypto holdings, particularly in Ethereum, were revealed in a financial disclosure, indicating a significant investment in the coin. The Trump family hinted at upcoming crypto projects, including ventures into “digital real estate.”
Solana closed the week at $139, reflecting a 9% decrease over seven days. Most other cryptocurrencies experienced similar downturns, with meme coins being the most volatile assets.
Despite market fluctuations, the crypto industry continued to advance. Franklin Templeton, a prominent Wall Street firm, filed for a new exchange-traded fund (ETF) embracing both Bitcoin and Ethereum. Crypto.com announced a sponsorship deal with the UEFA Champions League, enhancing its presence in European sports.
The week showcased the resilience and ongoing evolution of the cryptocurrency sector, with various developments shaping the market and signaling continued growth and innovation.
