Despite a small midweek growth spurt on news that the U.S. Department of Labor’s inflation readings were lower than expected, Bitcoin (BTC) and Ethereum (ETH) entered the weekend with moderate losses over the last seven days. 

Bitcoin is down 7.9% and trades for $26,817. Even the news that the Principality of Liechtenstein will soon accept it as payment for state services could not stop the biggest cryptocurrency by market capitalization from posting a larger loss than Ethereum this week. 

Bitcoin has had to compete with a rising dollar this week. The cryptocurrency typically has an inverse relationship with the dollar so the latter’s rise over the last two days has manifested in a pullback in Bitcoin’s value. 

The use of Bitcoin for Ordinals NFTs also appears to be slowing down, with trading volume dropping by 50% on May 11 and remaining far short of its range throughout most of May, according to the Dune dashboard of blockchain analyst Domo.

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Author: Tim Hakki

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