The value of the two biggest cryptocurrencies surged last week amid continuing turmoil in the banking industry. Bitcoin jumped 35.05% last week to $27,401 and Ethereum similarly spiked 24.75% to close the week at $1,794.
Chart from TradingView.
Crypto stocks and structured products
Shares of Silvergate plummeted 38.62% to close the week at $2.05.
Coinbase shares rose 33% and MicroStrategy gained 30% for the week. Jack Dorsey’s Block gained 5%.
For the week, Grayscale’s structured bitcoin trust surged 33% and Ethereum trust rose 16%.
Macro Matters
Grayscale said it’s possible the Federal Open Market Committee will forgo any interest rate increase when in it meets March 22 if the banking crisis persists. Before the crisis, it was widely assumed the central bank would hike rates by 0.25%
Inflation fell to 6% in February from 6.4% in January, according to a report from the U.S. Department of Labor.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://www.theblock.co/post/221022/this-week-in-markets-bitcoin-soars-ether-jumps-and-coinbase-microstrategy-rally?utm_source=rss&utm_medium=rss