Ethereum
BTC and ETH prices remained stagnant over the weekend and are likely to become volatile this week
BTC and ETH prices remained virtually unchanged this past weekend after falling last Friday. BTC price fell significantly last week – many thought it would surpass the all-time high (ATH), but it fell flat, dropping from around $72,000 below $69,000.
Macroeconomics played a role as nonfarm payroll numbers were much better than expected, with the U.S. economy adding 272,000 new jobs instead of the 185,000 expected. This will have other effects, such as the Fed not lowering interest rates, which many market participants thought was likely. Thus, investors rushed to liquidate their positions in speculative assets, including cryptocurrencies.
As a result, BTC witnessed $400 million in liquidations on Friday as leveraged traders were forced to close their positions. This caused the price of BTC to drop considerably, preventing bullish participants from seeing the asset surpass its ATH of $73,738. Other cryptos also saw their gains dwindle after a few days of rising prices – ETH fell below $3,650.
BNB lost 5.5% after reaching its new ATH of over $710. Holders were likely liquidated to reap profits, but the ripple effect of BTC falling could also have been a factor. Memecoins were also hit hard due to the drop in BTC price and another factor – the fall The GameStop stock price, which came just after meme stock aficionado Roaring Kitty shared her thoughts on a live stream. DOGE fell by 8%, SHIB by 10%, and PEPE by 15%.
After Friday’s events, BTC and ETH prices remained fairly stagnant over the weekend and started Monday at roughly the same prices as before the weekend. However, both major digital assets will most likely experience volatility this week. Scheduled events will act as macroeconomic factors – the CPI release on Wednesday, the FOMC meeting on Thursday and Janet Yellen’s speech on Friday – to increase asset volatility.
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