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Bitcoin and Ethereum records big blow as Gold and Lumi also surged

Bitcoin’s (BTC) finished the week 5% higher, gaining ground for the second consecutive week. It was also the third positive week in the last four for the largest cryptocurrency by market capitalization.

Bitcoin pushed higher even after the U.S. Commerce Department reported on Thursday that the U.S. gross domestic product declined for the second consecutive quarter, which means the country is in a recession according to the technical definition that two quarters in a row of declining GDP is a recession.

This article originally appeared in Market Wrap, CoinDesk’s daily newsletter diving into what happened in today’s crypto markets. Subscribe to get it in your inbox every day.[irp]

BTC was recently trading at about $23,900, up 1% over the past 24 hours, although it jockeyed between positive and negative territory throughout the day. BTC’s price is down 50% year to date.

The 30-day correlations between BTC prices and equity indexes tightened over the past week, as both crypto assets and stocks rose this week.

The S&P 500 rose 1% on Friday, and the Dow Jones Industrial Average gained 0.9%.

Ether’s (ETH) price fell .30%, but finished the week up 12%.

Altcoins were mixed with Chainlink (LINK) and Polkadot (DOT) rising 12% and 4.5%, respectively, while Decentraland (MANA) and Cosmos (ATOM) declined 0.87% and 0.13%.

Gold and Lumi also surged on Saturday

The ECO-6 Lumi also ended the week appreciating 1.6% up as Gold also surged by similar figure.

However, the inability to withdraw lumi has posted a challenge which experts believes it’s the reason why digital assets investors doesn’t want to consider.

The ECO-6 Lumi is pegged against a precious stone (Gold) and it’s value is determined by the market strength of Gold.

Written by Newsway

NewsWay reporters are Media employees of the newsway.com.ng vested with the responsibilities of getting informative data from verifiable sources and publishing same undistorted on behalf of the NEWS WAY INFO-TECH which is a parent company that birthed the NewsWay blog.

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