As a seasoned crypto investor, I’ve seen my fair share of market volatility. Last week’s sudden downturn, with Bitcoin plummeting below $70K and the entire market following suit, was a bitter reminder of the rollercoaster ride that comes with investing in cryptocurrencies.
Last Friday night saw a significant drop in the cryptocurrency market. Bitcoin‘s price plummeted under $70,000, triggering a large-scale sell-off among investors. The overall market value has decreased by approximately $100 billion as a result, currently hovering around $2.57 trillion.
Unexpectedly, bears chose to throw a late-night bash on Friday, leading Bitcoin’s price to plummet under $70K and instigating a substantial drop in the entire cryptocurrency sector. This sudden shift resulted in hundreds of millions of liquidations and fueled concerns about an extended correction.
For the past week, the financial market experienced significant volatility. Over the weekend, the price levelled off, yet bulls made an attempt to revive the trend midweek. Regrettably, this effort failed. The surge towards $70K was instigated by the release of the Consumer Price Index (CPI) report for the preceding month. Although the figure met anticipations, it hinted at a slight decrease in the rate of US inflation.
That said, the bears weren’t done with the market.
On Thursday, Bitcoin’s price took another nosedive and failed to maintain its upward trend towards $70,000, resulting in its current trading at approximately $67,000. The downward pressure is strong, preventing Bitcoin from breaking through this level and moving upwards. The pattern was similar for most altcoins, though they experienced more pronounced declines.
The cryptocurrencies SOL, SHIB, AVAX, BNB, MATIC, PEPE, and others have all decreased by approximately 13%. ETH has dropped about 7.7%, while NEAR experienced a larger loss of around 18.67%.
As a crypto investor, I’ve noticed some intriguing developments beyond just price movements this past week. MicroStrategy, for one, announced its plans to purchase an additional $500 million in Bitcoin. Given their history as a major player in the BTC market, this news comes as no shock to me.
Meme coins remain a subject of controversy. Last week brought the introduction of a new meme coin from Andrew Tate, who previously swore off creating cryptocurrencies. His entry into the market, alongside that of Iggy Azalea, has sparked allegations of insider trading among community members.
As a crypto investor, I may find the current price trends disheartening, but my enthusiasm for the market and the wider industry remains undimmed. The upcoming week promises new developments and discoveries that I’m eagerly anticipating!
Market Data
Market Cap: $2.57T | 24H Vol: $90B | BTC Dominance: 51.5%
BTC: $67,136 (-5.4%) | ETH: $3,510 (-0.7.3%) | BNB: $609 (-13.4%)
The US Federal Reserve’s decision to maintain the interest rate at 5.25-5.5% could potentially cause more price swings in the Bitcoin market, according to cryptocurrency experts.
The value of CRV, the native token of DeFi platform Curve Finance, plummeted by 30% recently. As a result, its creator, Michael Egorov, suffered significant losses with all his holdings being sold off, amounting to hundreds of millions in value.
MicroStrategy, a renowned intelligence firm, unveiled its intention to issue $500 million worth of convertible senior notes with maturity in 2032. The primary objective is to secure these funds for the purpose of purchasing additional Bitcoin.
The amount of Bitcoin held in exchanges has recently reached a low point last seen in December 2021. This reduction in exchange-stored Bitcoin often signifies decreased selling pressure, potentially paving the way for price stability and future growth.
Paxos Reportedly Downsizes Workforce by 20%: Details. One of the larger cryptocurrency companies – Paxos – has reportedly been downsizing. According to some source, it now boasts a headcount between 200 and 300 – 20% less than before.
Internet personalities Iggy Azalea and Andrew Tate, who recently introduced meme coins bearing their names, are under scrutiny for alleged insider trading activities.
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2024-06-14 17:09