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.