This past week's news included encouraging inflation data and the successful completion of the much anticipated Ethereum Shanghai upgrade. Major digital assets, Bitcoin (BTC) and Ether (ETH) both surged with their valuations and trading volumes climbing. Bond markets have begun to respond to inflation reports, with the spread between two- and 10-year Treasury bonds narrowing.

The Shanghai update allows ETH stakers to now withdraw their ETH deposits, and ether markets have reacted positively with the asset increasing 9% in price since the upgrade was completed. By comparison with Bitcoin, Ethereum's market capitalization has grown. Traded daily volumes have likewise spiked and exceeded the 20-day moving average for BTC and ETH. The assets have also breached the upper range of their Bollinger Bands indicating a harbinging bullishness.

Looking at altcoins, ARB, the native token of Ethereum layer 2 system Arbitrum, experienced the greatest gains - up 28% in the week. Other tokens such as SOL and IMX rose to 20% and 17%, respectively.

Overall, crypto markets will be looking to the Federal Open Market Committee meeting due to take place in May. Depending on the inflation related information, wisely decoded from economic reports, the Fed may or may not raise interest rates. The prevailing state of confidence in crypto markets appears to remain strong, and as the weeks go on it will be interesting to observe how the market fluctuates in response to economic events.



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