There are no dull days in crypto. This week has proved it. Let’s begin with Bitcoin. The cryptocurrency market has been an absolute rollercoaster ride the past seven days.
BTC’s price was at $47,500 on Friday. It started increasing slowly over the weekend. We saw a $49K attempt on Saturday. Unfortunately, it was rejected. The price fell a little on Sunday but it didn’t indicate any major problems.
Monday came next. The price of Bitcoin began to plummet on Monday. This trend continued for the next few days and reached $40,000 on Wednesday. The bulls intervened and began the recovery process, which brought Bitcoin’s value up to $45,000 today. Then China came along.
BTC fell to $40K after the announcement of further negative regulatory actions. The entire market lost billions within hours. The cryptocurrency was at $42K as of the time this article was written.
This is the belief of nearly all altcoins. Across the board, many of them are experiencing notable weekly losses. Ethereum is down 19%, Cardano down 7% and BNB down 18%. XRP is down 15%, Solana is down 10%, and so on.
It is interesting to observe how the market reacts to news that shouldn’t have such an effect. China has repeatedly clamped down upon cryptocurrency in the past and the price of cryptocurrencies goes down almost every time. Other important developments have not made such a significant impact.
Twitter, for example, announced this week that users could now send tips via social media using Bitcoin. This is a major use case of the cryptocurrency which doesn’t have any serious reflections on the market.
It’s exciting to see where the next few days go. Although today’s dip was notable, it is worth noting that long-term data on the chain remains positive. This could make this a buy-the -dip opportunity.
ETH: $2,927 (-19%)
These Week’s Crypto Headlines You Must See
In the midst of global stock market pullbacks, Bitcoin fell to $40K. The tumble in global stocks caused a pullback for Bitcoin and the entire cryptocurrency sector. This is a result of the Evergrande debt crisis in China. It creates uncertainty across the entire financial markets.
El Salvador bought another 150 bitcoins as Bitcoin fell to $45K. El Salvador was the first country to officially recognize Bitcoin as legal tender. It bought this week’s dip and added 150 bitcoins to its stock. The price of Bitcoin dropped from $48,000 to $45,000 at the beginning this week.
After a Regulators’ agreement, Crypto Trading is now officially legal in Dubai. Dubai World Trade Center Authority (DWTCA), announced this week that it had entered into a partnership agreement with the United Arab Emirates Securities and Commodities Authority. This will make cryptocurrency issuance, trading and regulation legal within the DWTCA-freezone.
Buying Spree: The Third-Largest Whale Purchases $170M worth of Bitcoin in Just Two Weeks. The adverse price movements this week were exploited by the third largest Bitcoin wallet. As the price fell, the entity added more than 700 BTC to their collection. It now has a total of 112,202 BTC.
China’s Trading and Mining Crackdown: Bitcoin plunges to $3K China has launched yet another wave of regulatory measures to further the cryptocurrency crackdown. China reiterated its belief that digital assets were illegal and added that payment companies and financial institutions are prohibited from facilitating cryptocurrency trades.
PayPal Launches New App that Allows for Crypto Services. PayPal, the world’s largest online payment processor, has announced a new app that will allow for financial services previously unavailable on its platform. The company is expanding its reach into digital assets by including certain cryptocurrency capabilities.
We have this week a chart analysis for Ethereum, Ripple and Cardano. Click here to see the complete price analysis and overview.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.