Cryptocurrency prices dropped slightly over the past week, with the second-largest cryptocurrency by market capitalization, Ethereum, outperforming Bitcoin ahead of its upcoming Merge upgrade.
While Bitcoin lost around 6% of its value over the last few days, ETH went down only 0.03%. Meanwhile, the stock market’s benchmark index, the S&P 500, is up 0.36% over the same period, while gold moved up 1.31%.
Equities have been relatively muted as this week several high-profile companies with a significant influence over the index are set to reveal their Q2 earnings. These companies include Google’s parent Alphabet, Microsoft, Meta, and Apple, among others.
In the cryptocurrency space, Bitcoin trading into stablecoin has risen significantly last month as investors remained cautious amid fears of a liquidity crisis striking crypto lending companies. CryptoCompare’s Exchange Review
report reveals BTC trading into USDT rose 24.3% to 6.67 million BTC, making it the dominant stablecoin/fiat pair with a market share of 67.2%.