Most cryptocurrencies are closing the week in losses. The market downturn is fueled by the ongoing war in Israel that involves terror group Hamas. Moreover, this week’s Consumer Price Index report, which indicated that inflation in the US was still high, has pulled investors out of the crypto market in favor of low-risk assets.
Bitcoin, the crypto asset that accounts for 48% of the total market capitalization, is down 3.68% over the past seven days and now trades at $26,836, per data from CoinGecko. Ethereum, the second-biggest digital currency by market cap, has dropped by 4.53% this week to change hands for $1,558 as of this writing.
It is worth pointing out that no top-30 cryptocurrency has recorded gains over the last seven days. The top losers of the week include Polygon, which is down 8.54% to $0.52185; Polkadot, which has shed 8.12% of its value to change hands for $3.78; and Avalanche, which currently trades at $9.17 after plummeting 12.6%.
Other Crypto-Related News
Ark Invest Refiles Its ETF Application
Earlier this week, crypto company Ark Invest announced it had refiled its Bitcoin spot ETF (Exchange-Traded Fund) application. In April, the Cathy Wood-led company refiled a similar application after the US Securities and Exchange Commission (SEC) rejected the firm’s filing in 2021. Three months later, Ark Invest amended the application to address the (SEC) concerns regarding market manipulation. At the time, several asset managers, including BlackRock, submitted their Bitcoin spot ETF applications.
For beginners, an Exchange-Traded Fund is a type of investment that intends to expose people to crypto without holding any digital currency.
Tether Announces New CEO
On Thursday, Stablecoin issuer Tether announced the appointment of the firm’s CTO (Chief Technology Officer), Paolo Ardoino, as its new CEO. Ardoino, who still serves as Bitfinex’s CTO and Holepunch’s Chief Strategy Officer, takes over from Jean-Loius van der Velde, who assumed office last December. Per Tether’s statement, Jean Loius will continue being Tether’s advisor and serving as Bitfinex CEO.
Finally, BlackRock ex-Managing Director Steven Schoenfield expressed optimism about the SEC approving a Bitcoin spot ETF within the next six months despite the Commission’s delaying tactics. Schoenfield was speaking at a Digital Asset Summit held in London earlier this week.
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