BTC is down 13% in the last seven days after a wide de-risking response to another negative inflation surprise last week as market participants brace for tightening conditions after tomorrow’s FOMC. BTC has fallen in tandem with Nasdaq (-7%) and the S&P 500 (-6%), albeit on a higher beta.
ETH has faced an even stronger downward pressure than bitcoin. After the successful merge last Thursday, ETH has plunged 20% and now trades at 0.07 versus BTC, on par with the average price in the last year. Short-term, the merge was a sell-the-news event, but now, market conditions have normalized, and fork effects have settled.
Interestingly, BNB has outperformed both ETH and BTC in this challenging environment, seeing losses of 7% as Binance benefits from both enhanced volumes amid soaring volatility and an already established consensus mechanism.