Bitcoin (CRYPTO: $BTC) and other cryptocurrencies appeared to be holding onto their recent gains despite being under pressure to end the trading week on Aug. 28.
In late afternoon trading, Bitcoin was down 3% and trading at $77,500 U.S. as stocks and digital assets declined following comments by U.S. Federal Reserve Chair Kevin Warsh that he is committed to lowering inflation. Other cryptocurrencies were also falling on the day, with Ethereum’s (CRYPTO: $ETH) price also down 3% to $2,430 U.S.
The Friday decline comes after Bitcoin and other digital assets held up well throughout the week, managing to hold the gains achieved from a massive rally over the past 10 days that saw Bitcoin’s price climb 25% higher and Ethereum increase more than 30%. Throughout the past week, BTC traded right around $80,000 U.S. and briefly rose above that level several times.
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Crypto prices have rallied amid growing concerns about the U.S. fiscal situation after America’s debt hit $40 trillion U.S. Treasury yields, which influence borrowing costs across the economy, have risen to their highest level in nearly 20 years, causing gyrations in the stock market and sending investors back into crypto and other assets viewed as a store of value such as gold.
Here’s what else happened with cryptocurrencies over the past week…
Strategy Leaves Bitcoin Holdings Unchanged: Strategy (NASDAQ: $MSTR) left its Bitcoin (CRYPTO: $BTC) holdings unchanged over the past week as the price of the largest cryptocurrency rose more than 20%. The company sold 18.26 million shares of its common stock, increased its cash reserves to $5.1 billion U.S., and repurchased $136.4 million of its preferred stock (NASDAQ: $STRC). However, Strategy did not buy or sell any Bitcoin as the price jumped 24% from $63,000 U.S. to near $80,000 U.S.
Coinbase Debuts Tokenized Stocks On Base Network: Cryptocurrency exchange Coinbase Global (NASDAQ: $COIN) has debuted tokenized stocks on its Base blockchain network. Coinbase said that investors can now trade tokenized versions of stock such as Apple (NASDAQ: $AAPL), Nvidia (NASDAQ: $NVDA), and Alphabet (NASDAQ: $GOOGL). The tokens are available to eligible investors outside the U.S. and represent shares held 1:1. Base is a secure, low-cost Ethereum Layer 2 blockchain network run by Coinbase.