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<\/span>While many cryptocurrencies fell over the last seven days, the preceding weeks still were quite a bit worse.<\/span><\/p>\n And although Bitcoin has dipped about 3.5% over the last seven days to $20,831 as of this writing, Ethereum has added 11.1% over the same period, now trading near $1,357.<\/span><\/p>\n Notable gains this week included Polygon\u2019s 19.46% surge to $.70, Uniswap\u2019s 11.6% rally to $7.07, and privacy coin Monero\u2019s 10.5% jump to $139.39.\u00a0<\/span><\/p>\n Several leading projects went the other direction: Cardano dropped 8% to $0.44, Dogecoin fell 9.6% to $0.06, and NEAR Protocol slipped 8% to $3.44.<\/span><\/p>\n One of the heaviest blows to crypto prices this week came from <\/span>an inflation report<\/span><\/a> on Wednesday by the U.S. Bureau of Labor Statistics, which noted that the Consumer Price Index (CPI) rose 9.1% in the 12 months up to June. That\u2019s the largest 12-month increase in over 40 years, with the biggest price leaps seen in food, shelter, and gasoline.<\/span><\/p>\n Last month, in response to inflation readings from May, the Federal Reserve raised interest rates by 0.75%, the steepest hike since 1994. The new CPI numbers could prompt the Federal Reserve to raise rates even further to increase the cost of borrowing and curb inflation.<\/span><\/p>\n More crypto and stock selloffs followed that news, as investors dumped riskier assets. An hour after the numbers were released, Bitcoin had <\/span>dropped<\/span><\/a> more than 4% while Ethereum fell by over 6%. (At one point, the report may have pushed Bitcoin\u2019s price down by as much as 6%.)<\/span><\/p>\n <\/p>\n On Friday, data released by Bloomberg revealed that the Bitcoin-to-Nasdaq correlation is nearing its <\/span>lowest point<\/span><\/a> this year. This means that despite their respective bear markets, Bitcoin has resisted more downward pressure than stocks. This is an altogether different story compared with April, when Bitcoin\u2019s 30-day correlation with the Nasdaq was the <\/span>highest level in over a year<\/span><\/a>.<\/span><\/p>\n Ethereum\u2019s relative price resilience going into the weekend stems from anticipation of the network\u2019s upcoming transition to proof-of-stake. On Thursday, the network successfully ran one <\/span>of the last tests<\/span><\/a> before <\/span>The Merge<\/span><\/a>, which at the time pushed Ethereum up almost 13% in a 24-hour span.<\/span><\/p>\n The Merge will transition the entire Ethereum network onto a proof-of-stake version of itself that\u2019s running in parallel to Ethereum\u2019s current proof-of-work mainnet. On Friday, Beacon Chain community manager superphiz.eth shared a tentative <\/span>timetable<\/span><\/a> of the final updates<\/a>.<\/span><\/p>\n <\/p>\n In global politics, the Financial Stability Board (FSB) <\/span>announced<\/span><\/a> on Monday it will come up with its own proposals to ensure crypto gets \u201crobust regulation and supervision.\u201d <\/span>The FSB comprises treasury officials and central bankers from Group of 20 (G-20) economies. It will report to G-20 finance ministers and central bank governors in October, outlining regulatory and supervisory approaches to <\/span>stablecoins<\/span><\/a> and other crypto assets.<\/span><\/p>\n And finally, Russian President Vladimir Putin signed into law a <\/span>national ban<\/span><\/a> on using digital assets for payments, although it\u2019s still possible to buy and hold cryptocurrencies. <\/span><\/p>\nIn the news<\/span><\/h2>\n
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