Markets
Bitcoin Price Loses $5,000, Meme Coins Take a Hit as Market Downturn Amplifies: This Week’s Crypto Recap
The cryptocurrency market suffered a sharp decline overnight last Friday. The price of Bitcoin fell below $70,000, triggering a considerable sell-off in the market. Total capitalization fell by around $100 billion in the process, currently standing at around $2.57 billion.
Everything was going well when the bears decided to throw a party on Friday night. The move was sudden, pushing the price of Bitcoin below $70,000 and starting a considerable slowdown across the cryptocurrency market. It caused hundreds of millions in liquidations and also raised fears of a prolonged correction.
The next seven days were incredibly busy. The price stabilized over the weekend, but bulls began a recovery attempt later in the week. Unfortunately, it was unsuccessful. The change to US$70,000 was triggered by the publication of the previous month’s CPi. The number, which measures inflation in the United States, was within expectations, but showed that inflation was slowing down a little.
That said, the bears are not done with the market yet.
On Thursday, the price plummeted once again, unable to sustain the gains made in the attempted recovery to US$70,000. This is why we are currently trading Bitcoin around $67K, completely unable to escape this level upwards. Most altcoins have followed a very similar fate, but many of them are recording more considerable losses.
For example, SOL fell 13%, the same for SHIB, AVAX, BNB, MATIC, PEPE and many other altcoins. ETH lost 7.7%, NEAR lost around 18.67%, and so on.
Price action aside, some interesting things happened during the week as well. For the first time, MicroStrategy is preparing to buy another $500 million worth of BTC. No surprises there.
Meme coins also continue to cause a stir. Last week we saw the appearance of a meme coin launched by Andrew Tate (who has previously stated several times that he would never launch a cryptocurrency). He and another celebrity – Iggy Azalea (who also launched her own coin) – are now being accused by members of the community of insider trading.
Despite the depressing price action, the market and the industry in general remain as interesting as ever, and it’s exciting to see what next week has in store!
Market data
Market value: $2.57T | 24H Volume: $90 billion | BTC Dominance: 51.5%
BTC: US$67,136 (-5.4%) | ETH: $3,510 (-0.7.3%) | BNB: $609 (-13.4%)
Fed rate maintenance could trigger even more fluctuations in Bitcoin price: analysts. The US Federal Reserve decided to keep the federal reference rate between 5.25% and 5.5%. Some Crypto Analysts to believe that this could lead to greater fluctuations in the price of Bitcoin.
DeFi Token CRV Accumulates 30% as Curve Finance Founder Liquidates. The DeFi platform’s native token Curve (CRV) fell 30% earlier. This also means that its founder – Michael Egorov – have seen his position was completely liquidated for hundreds of millions.
MicroStrategy Announces $500 Million Convertible Senior Note Offering to Buy More Bitcoin. Intelligence company MicroStrategy announced plans to offer $500 million aggregate principal amount in convertible senior notes due 2032. The plan is to raise funds and purchase more BTC.
Bitcoin supply on exchanges hits December 2021 lows: what does this mean for the price of BTC? The supply of BTC stored on exchanges it fell to a level we have not seen since 2021. This is typically associated with the easing of selling pressure, giving more room for the price to consolidate and eventually rise.
Paxos reportedly reduces workforce by 20%: details. One of the biggest cryptocurrency companies – Paxos – supposedly was reduction. According to some sources, it now has a number of employees between 200 and 300 – 20% fewer than before.
Andrew Tate and Iggy Azalea Accused of Insider Trading in Meme Coin Promotions. Internet celebrities who recently launched their own meme coins – Iggy Azalea and Andrew Tate – were accused insider trading.
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