Crypto prices continue to tick upward as recession fears grow: the week in markets

Quick Take

  • Bitcoin gained more than 5% in the past week, while ether was up over 10%.
  • The macroeconomic outlook across the globe worsened, with the US reporting its second successive quarter of negative growth.

Crypto prices continued to rally over the past week while the global macroeconomic environment was worsening.

At the time of writing, bitcoin was trading at $23,739, down 3.1% over the past 24 hours, while ether was at $1,709 according to CoinGecko. Still, both cryptocurrencies were up significantly over the past seven days – ether rose 10%, while bitcoin gained just over 5%.

Prices had contracted earlier in the week as crypto's global market cap dipped below $1 trillion ahead of the US Federal Reserve's decision on interest rates.

After the decision to raise rates by 75 basis points, prices recovered to trend upward, and Thursday's GDP report — in which the US revealed that the economy had declined in the second quarter — was followed by further positive price movement. 

Here’s what key players had to say about this week's price action and what to watch for next week: