The crypto markets slowed down this Friday as the recent rally on positive US inflation data started to cool off.
Bitcoin dipped below the US$24,000, but managed to end the seven-day period 3% higher.
Ethereum stayed relatively flat at US$1,890, though its seven-day performance outstripped the market with a 13% price rally.
As a whole, crypto managed to add 5% in the past week, bringing global market capitalisation up to US$1.14tn.
It was a mixed week for large-cap blockchain platforms, with Solana, Polkadot and Binance seeing low single-digit growth, and Polygon slightly reducing its market cap.
Avalanche, on the other hand, rallied 20%, bringing its valuation to US$8bn.
Blockchain infrastructure provider Ankr jumped an impressive 40% in the past 24 hours, following the launch of its new staking platform and news of a strategic investment from Binance.
Bored Ape Yacht Club’s APE token was one of the biggest losers in the past week, falling nearly 9%.
In the decentralised finance (DeFi) space, 5.5% was added in total cross-protocol volumes in the past week, bringing the figure to just below the US$70bn mark.
Uniswap, Curve and PancakeSwap added around 3%, while Compound Finance and Convex Finance added closer to 5%.
In the news
S&P Global has downgraded NASDAQ-listed crypto exchange Coinbase from BB+ to BB.
The ratings agency cited weak earnings and market share erosion.
Leon Li, founder of the Huobi Global digital asset exchange, is looking to sell his 60% stake in the company to willing investors for a valuation of up to US$3bn.
If concluded, the deal would be one of the largest-ever M&A transactions in the crypto sector.
Email marketing service Mailchimp has banned a number of prominent cryptocurrency firms from using its software in the past two week, CoinDesk reports.
Among those affected was Messari, whose founder Ryan Selkin Tweeted that “no reason” was given for the ban.