The Weekly Crypto Recap
The Weekly Crypto Update for the week of September 19-25:
There are no boring days in crypto, and this week, like a lot of others, has managed to definitively prove it. The past seven days have been an absolute rollercoaster in the cryptocurrency market, so let’s start with Bitcoin.
BTC’s price was sitting comfortably at around $47,500 last Friday and started improving slowly throughout the weekend. On Saturday, we saw an attempt at $49K, which was unfortunately rejected. On Sunday, the price retraced a bit, but nothing spelled major signs of trouble.
Then came Monday. Throughout that day, the price of Bitcoin started plummeting, and the trend continued throughout the next few days, as it reached a low of around $40,000 on Wednesday. The bulls stepped in and started the recovery process, bringing Bitcoin’s price up to about $45,000 today. But then China happened.
An announcement of more negative regulatory efforts sent BTC back to the lows of $40K as the entire market lost billions in a matter of hours. At the time of this writing, the cryptocurrency recovered to about $42K.
This was the faith of almost all altcoins as well. Looking across the board, most of them are charting notable weekly losses. Ethereum is down about 19%, Cardano is down 7%, BNB is down 18%, XRP – 15%, Solana – 10%, and so forth.