Crypto wrap: ‘Merge’ in focus, inflation figures still key, say experts

The crypto market saw a bearish week, with Bitcoin falling nearly 10 per cent in the last seven days. The largest crypto token by market capitalisation was trading at $21,750 on Friday, according to coinmarketcap.com. On Monday, it had briefly hit the $ 25,000 mark.

Ethereum, the second largest cryptocurrency, was down nearly 8 per cent in the last seven days. It was trading at $1,741 on Friday.

“For the entire week, crypto markets traded in red thanks to the profit booking, which kept the investors on tenterhooks for the strong upside in the recent days,” said Raj A Kapoor, founder and CEO of India Blockchain Alliance.

Experts said that the investors would look forward to the upcoming ‘Merge’ announced by Ethereum. “For Ethereum, updates on the upcoming ‘Merge’ is the key,” Kapoor said.