This Week’s Highlights in Crypto

[Maniés]

This Week’s Highlights

• Ethereum surges 20% as Merge date set
• Bitcoin's correlation with stocks weakens

Ethereum stole the show last week, exploding 20% as developers set a date for the blockchain's long-awaited transition to proof-of-stake.

 Meanwhile, macroeconomic events drove the broader crypto market. Bitcoin dipped to $19K on Tuesday, as hot inflation data prompted speculation that the Fed could raise interest rates by a full percentage point in July. Yet before the end of the week, the price had rebounded to almost $22K after Fed officials hinted at an interest rate hike of only 75 basis points. Finally, Friday's news that Vladimir Putin has banned digital asset payments in Russia failed to impact prices.

 In the altcoin market, smart contract platforms dominated the action. Quant Network continued its winning streak, adding 30% to create total gains of 100% over the last month, while Solana, Avalanche and Algorand all added more than 15% over the week.