Bitcoin and Ether Gain 9% and 11% Over the Past Week
In the past seven days, Bitcoin (BTC) and Ether (ETH) have risen about 9% and 11%, respectively, with most gains seen in the latter few days.
Inflation Data and Jobless Claims Influence Federal Interest Rates
Recent economic reports revealed lower-than-expected inflation and higher-than-expected jobless claims. This may give the Federal Open Market Committee (FOMC) a reason not to raise interest rates again in their May meeting.
Bond Markets React to Economic Reports and Crypto Market News
Bond markets have started to respond, with the spread between two- and 10-year Treasury bonds narrowing since early March. Completing the Shanghai update and ETH stakes ability to withdraw deposits has driven Ether's price up by 9%.
Unlocking of 18.2 Million ETH Viewed Positively by Markets
Despite investors' fears of selling pressure from the unlocking of 18.2 million ETH, markets have viewed the de-risking of ETH staking positively.
Ether Erodes Bitcoin Dominance as Trading Volumes Rise
The ETH price increase has reduced Bitcoin's market capitalization dominance while crypto market trading volumes have risen. ETH and BTC trading volumes breached their 20-day moving averages this week.
BTC and ETH Indicate Bullishness with Bollinger Bands Breach
Bitcoin and Ether breached the upper range of their Bollinger Bands this week, signaling increased bullishness in the market.
Altcoins Experience Growth Following Major Crypto Assets
Some altcoins, such as ARB, Solana (SOL), and Immutable X's IMX, also saw significant growth this week, with increases of 28%, 20%, and 17%, respectively.