Crypto week at a glance: Bears continue to rule, Binance goes big on Twitter

economictimes.indiatimes.com:

Bitcoin and Ethereum dropped sharply from $38,000 and $2,800 on Monday to $35,000 and $2,600 on Saturday. On Sunday, it breached $35,000 and $2,600 levels. Even though cryptocurrencies rose following the US central bank hike on interest rates, it was for a brief period. Bitcoin traded lowest on Saturday after Friday's massive sell-off. Ethereum is also trying to find its support between $2,600. While most of the cryptocurrencies are still running in the red, Dogecoin, Algorand, Axie Infinity, STEPN, have gained a decent growth.

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Bearish trend continues Since last month, Bitcoin has been on a bearish trend because of several macroeconomic factors taking place across the globe. Firstly, post the US central banks announcement, it seems like investors and institutions have paused for a while, carefully taking a look at the situation. Secondly, the U.K's retail sales have also dropped marginally, which has kept the crypto market down than usual. When we also look at the Bitcoin futures contract, it has traded lower than the spot price for most of the month, which shows that market participants are being a little reluctant to open long positions on Bitcoin. High hopes from 'HOP' On the other hand, in an exciting turn of events, Hop Protocol announces Hop DAO and an airdrop of $HOP token in the near future. Hop Protocol is a cross-chain bridge that aids in transferring tokens across various Ethereum layer 2 scaling solutions. It is supposed to be a faster, cheaper method to bridge tokens. Early