After the consumer price index disclosure, the past seven days have been promising for the cryptocurrency market, including the two leading coins, Bitcoin (BTC) and Ethereum (ETH), which rose toward their key marks with significant gains. However, the gains were short-lived, and by the end of the week, the market had reversed all of them.
The CPI gained merely 0.1% from the previous month, as opposed to the expected increase of 0.3%. Predicted price increases for November were lower than expected, signaling an easing of the spiraling inflation in the crypto-economy.
Nevertheless, while all cryptocurrencies are currently experiencing a decline with major losses in both daily and weekly charts, Toncoin (TON) has grown significantly over the past week.
According to CoinMarketcap’s statistics, TON “The Open Network” coin is currently trading at $2.68, an increase of 5% in the last 24 hours and a significant gain of about 35% in the previous seven days.
The TON coin differs itself as a top weekly gainer. In contrast, popular coins are experiencing significant losses in weekly charts, including Litecoin, with a loss of 15%, and ApeCoin (APE), with a loss of 20%.
Additionally, Filecoin (FIL) with a loss of 28.60%, Trust Wallet Token (TWT) in the lead with a loss of 36.85% in the weekly chart, and many others.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
As Tronweekly previously reported, the CPI report was released on November 13th – this fueled investor optimism about a potential economic recovery that would also increase cryptocurrency values again.
According to Coinmarketcap’s data, Bitcoin (BTC) marked a daily high at $18,318.53 on December 14th, which was last seen at the start of November. Similarly, on the same day, Ethereum (ETH) hit a daily high at $1,346.17, which was also last seen on November 10th.
But unfortunately, Both of them lost their momentum as the week’s conclusion drew near and dropped to their spot levels with notable losses in both the daily and weekly charts. According to the statistics, on December 17th, ETH dropped to $1,165.41 and Bitcoin to $16,800.59.
Currently, Bitcoin is trading at $16,743.87, down around 2% over the previous seven days, and ETH is trading at $1,182.49, down 6% over the same period.
The market fell, and all of the profits were lost following the December 16th report by Treasury’s Financial Stability Oversight Committee, which noted that “FTX is a shock to that market,” and the bankruptcy emphasizes their’s concern about cryptocurrencies.
In light of this, the committee requested that Congress enact legislation enabling American authorities to oversee spot markets for crypto assets that aren’t securities.