This week in currencies: Ethereum outperforms Bitcoin as the markets melt

This week in coins. Illustration by Mitchell Brewer to decode

Companies are doing everything they can to stay solvent during the crypto winter — freezing redemptions, laying off employees, cutting spending, filing for bankruptcy, negotiating purchases — but these conditions cannot prevent markets from warming up over the past week.

Bitcoin has grown 8% over the past seven days to $22,337, as of this writing, but the world’s favorite cryptocurrency has significantly outperformed Ethereum, which has exploded 27% to $1,523.

The expectation of an upcoming Ethereum network upgrade – the so-called consolidation – appears to have fueled its growth, despite Ethereum Classic (the Ethereum fork based on the original ledger, which includes notorious logs). DAO hack worth $55 million which was erased from Ethereum by vote), increased 80% this week to $27. Obviously, while some buyers look to the future, others feel nostalgic.

Other blockchains with high-performance smart contracts also fared well: Solana rose 9% to $40.04, Cardano rose 10% to $0.47, Polkadot rose 9% to $7.25, and the NEAR protocol swelled 25% to $4.26, The avalanche rose 23% to $23.57.

Other notable gains for the week include Chainlink, which is up 9% to $6.78, Kronos is up 9% to $0.12, and Bitcoin Cash is up 15% to $121.07.

No major coins have experienced significant weekly losses.

75%

Even as the markets heated up, there were still signs that the crypto winter was far from over. Last week, Celsius joined fellow lender Voyager and hedge fund Crypto Three Arrows Capital in Application for bankruptcy After weeks of bankruptcy rumors. This week, the Singapore Stock Exchange Zipmex became the latest company Stop withdrawals—After Fuld and Celcius.

In similar news, Legion Strategies, a hedge fund of Anthony Scaramucci’s Skybridge Capital, Investor refunds suspended. Legion Strategies owns stock in FTX from Sam Bankman-Fried. About 10% of the fund’s $230 million assets and held under its management are cryptocurrency.

Blockchain.com has joined the ranks of Gemini, Coinbase and OpenSea with an announcement Mass layoffs That includes closing its operations in Argentina, effectively halting expansion plans. Coinbase also announced that it “temporarily closedThe company’s affiliate marketing program in the United States to cut costs.

News broke out on Wednesday that electric car maker Tesla has She sold 75% of her Bitcoinvalued at approximately $936 million. Back in February 2021, the company Invest $1.5 billion in Bitcoin.

Elon Musk may be less bullish on Bitcoin, but he Later observed Tesla still holds all of its Dogecoin, which is up about 6% during the week.

The European Central Bank announced this week that interest rates will do a plus by as much as 0.5% as the conglomerate attempts to stem the massive inflation that reached 8.6% in June. It also marks the end of the -0.5% negative interest rate offered by the European Central Bank since 2014. The leading cryptocurrency rates have all taken small hit in the news.

Finally, Paraguay and Colombia have come close to regulating crypto, as the Paraguayan legislature has approved a bill to create tax and regulatory environment For crypto miners, while Columbia issued Draft Regulations Seeking general comment.

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