Beyond the SpaceX announcement, other influencing factors also have played a role in shaping up the recent market trends. One noteworthy factor is the waning interest in Bitcoin Exchange-Traded Funds (ETFs). Additionally, macroeconomic factors, such as global economic conditions and governmental policies, are exerting their influence on the cryptocurrency space
In the recent week, the cryptocurrency market has experienced a whirlwind of volatility, prompting industry enthusiasts and investors to closely examine the factors behind these fluctuations. While a significant catalyst emerged from Elon Musk’s SpaceX decision to write off approximately $373 million of its Bitcoin holdings, the repercussions of this move resonated far beyond its initial impact.
The reverberations of SpaceX’s decision sent shockwaves through the market, sparking a chain reaction of sell-offs that contributed to the downward trajectory. However, it’s essential to acknowledge that this is just one piece of a complex puzzle contributing to the current market dynamics.
Beyond the SpaceX announcement, other influencing factors also have played a role in shaping up the recent market trends. One noteworthy factor is the waning interest in Bitcoin Exchange-Traded Funds (ETFs). Additionally, macroeconomic factors, such as global economic conditions and governmental policies, are exerting their influence on the cryptocurrency space.
On Friday, the selling pressure intensified ahead of the Federal Reserve Chair Jerome Powell’s imminent speech. This anticipation of Powell’s speech has led many market participants to shift away from riskier assets, and this cautious sentiment isn’t limited to cryptocurrencies alone. Traditional markets are also experiencing the impact of this uncertainty.
Did you Know?
S has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of S ’s offerings and reimagine processes for improved business outcomes.
View Details »Bitcoin saw a significant drop of over 10% in the past week, marking its most substantial decline since the FTX crash back in November.
The past week witnessed a substantial decline in Bitcoin’s value, with a drop exceeding 10%. This plummet marks the most significant slide in value since the FTX crash that transpired in November.
As the market navigates these challenges, Bitcoin’s current position hovers around the $25,500 level. Observers and traders are keeping a watchful eye on the $27,000 resistance threshold, as a successful breach could herald the start of a favorable upswing. Yet, overcoming the hurdle at $26,500 remains a challenge, and a sustained price above $27,000 is crucial to validate a stronger bullish movement.
Ethereum, often regarded as Bitcoin’s close companion in the cryptocurrency ecosystem, has mirrored Bitcoin’s journey amidst these fluctuations. While attempting to break past the $1,700 level, Ethereum confronts similar challenges. An interesting development within the Ethereum landscape is the accumulation of Ether (ETH) by whales, the entities holding substantial amounts of the cryptocurrency. Notably, the $1,620 support level is emerging as a critical juncture for Ethereum’s trajectory.
Amid the turbulence, the cryptocurrency landscape continues to showcase moments of innovation and integration. E-commerce giant Shopify recently introduced the option for customers to transact using the USDC stablecoin through Solana Pay. This integration allows users to utilize Solana-centric crypto wallets and settle payments directly with merchants using USDC.
Furthermore, the stablecoin issuer Num Finance unveiled the nCOP token, pegged to the Colombian peso, on the Polygon network. This tokenization provides people and businesses with the ability to seamlessly transfer, pay, earn, and store value using blockchain technology. Notably, such tokens are increasingly serving as vehicles for remittances and value storage, as highlighted in a report by Chainanalysis.
Coming to the price action, among the top 100 cryptos by market cap, here are the best and worst-performing cryptos over the past week:
As per prices on Friday.
Top 5 crypto gainers during the week:
1. SafePal is up by 22%
2. Bone ShibaSwap is up by 14%
3. Sui is up by 13%
4. WOO Network is up by 11%
5. dYdX is up by 10%
Top 5 crypto losers this week:
1. Pepe is down by 21%
2. Curve DAO Token is down by 11%
3. MultiversX is down by 8%
4. Uniswap is down by 8%
5. Maker is down by 8%
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Ec