Overnight correction on the cryptocurrency market. BTC returned (for a while) to 40. USD

Bitcoin it made a shocking retreat overnight, losing about 8%, before recovering slightly. The cryptocurrency is currently trading at around $41, and last week it hit an all-time high of just above $700, its highest level since March 44.

The reasons for the sudden decline at the beginning of the day are unclear, but may be due to some investors taking profits after a significant price increase over several months. Bitcoin is currently up 146%. within 12 months. Some overheating in the event of a large price increase is not unexpected.

Ethereum rose 2% last week, but saw a similar pullback this morning, falling more than 5,5%. It is currently trading at around $2220.

Next week

Another week of high inflation and interest rates lies ahead of us. The US Federal Reserve, the Bank of England and the ECB will announce their latest decisions on bank interest rates on Wednesday and Thursday, respectively.

The United States reported strong, rate-defying job growth last week, suggesting that the good news the market is expecting is unlikely to come. The latest US CPI data will be released on Tuesday, and interest rate announcements will appear on the market in the following days.

The market often hesitates ahead of these events, but if this morning's fireworks are a sign of events to come this week, investors could be in for some uncertain times.

Solana reverses Ethereum

Despite the market crisis, Solana has swapped Ethereum for NFT sales for the first time in history. According to Cryptoslam data, Solana has diverted trade flows NFT with Ethereum as Solana holders enjoy high profits.

Pro-Bitcoin Javier Milei takes office

The new president of Argentina, Javier Milei, took office in the besieged South American country. Milei has a mountain to climb to fix the hyperinflationary economy. The leader has repeatedly expressed positive opinions about bitcoin. He announced that the number of ministries would be halved from eighteen to just nine.