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Crypto

This Week in Coins: Google Cloud, BNY Mellon News Doesn’t Boost Bitcoin, Ethereum

admin October 15, 2022

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, 2022-10-15 08:33:40,

It was the fourth consecutive week of losses or no movement for Bitcoin and Ethereum, both of which dipped lower at the end of this week after more high inflation readings from the U.S. Bureau of Labor Statistics. 

Bitcoin fell 2% over the past week and currently trades for $19,126; Ethereum fell 3.5% to a current price of $1,282, according to CoinGecko data. 

On Monday, Bitcoin’s mining difficulty hit a new all-time high after rising by 14%—the largest spike since May. As difficulty increases, miners could face slimmer profits if Bitcoin’s price stays inert, since more computing power and electricity is needed to mine. However, mining difficulty increases also indicate a strong and growing network. 

Ethereum’s supply turned deflationary last weekend, meaning more ETH is currently being burned (removed from circulation) than created. This comes as no surprise to Ethereum flag-wavers—it was announced as part of the post-merge process—but the news had little effect on prices this week. 

So-called “Ethereum Killers” (layer-1 blockchains with high-functionality smart contracts) had a tough week, including Cardano (ADA), which is down 14% to $0.36 and Solana (SOL), which fell 9% to $29.91. The Solana network has also faced ongoing stability issues, though Solana founder Anatoly Yakovenko said on Decrypt‘s gm podcast that a “long-term fix” is coming and that getting a handle on outages is the “number one priority” for Solana. 

Uniswap (UNI) tumbled 8% to $6.13 and…

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