Memecoins
Bitcoin Price Loses $5,000, Meme Coins Take a Hit as Market Downturn Widens: This Week’s Crypto Recap
The cryptocurrency market saw a sharp decline last Friday evening. The price of Bitcoin collapsed below $70,000, causing a notable market sell-off. Meanwhile, total capitalization has fallen by around $100 billion, currently sitting at around $2.57 trillion.
All was going well when the Bears decided to throw a party late Friday night. The move was sudden, pushing the price of Bitcoin below $70,000 and kicking off a notable downturn in the entire cryptocurrency market. It caused hundreds of millions in liquidations and also raised fears of a prolonged correction.
The next seven days were incredibly volatile. The price stabilized over the weekend, but the bulls initiated a recovery attempt later in the week. Unfortunately, it was not successful. The move towards $70,000 was triggered by the release of the previous month’s CPi. The number, which measures inflation in the United States, was within expectations but showed inflation was slowing slightly.
That said, the bears weren’t done with the market yet.
On Thursday, the price collapsed once again, unable to sustain the gains made in its attempted recovery to $70,000. This is why we currently find ourselves trading Bitcoin around $67,000, completely unable to escape this level to the upside. Most altcoins have followed a very similar fate, but many of them are experiencing more considerable losses.
For example, SOL fell by 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.
Aside from the price action, there were also some interesting things that happened during the week. For once, MicroStrategy is preparing to purchase another $500 million worth of BTC. No surprises there.
Meme coins also continue to cause a stir. Last week saw the appearance of a meme coin launched by Andrew Tate (who had famously stated multiple times that he would never launch a cryptocurrency). He and another celebrity – Iggy Azalea (who also launched her own coin) – are now accused by community members of insider trading.
Despite the depressing price action, the market and the sector in general remain as interesting as ever, and it’s exciting to see what next week has in store!
Market data
Market capitalization: $2.57 trillion | 24 Hour Vol: $90 Billion | BTC Dominance: 51.5%
BTC: $67,136 (-5.4%) | ETH: 3,510 dollars (-0.7.3%) | BNB: $609 (-13.4%)
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MicroStrategy Announces $500 Million Convertible Senior Note Offering to Buy More Bitcoin. Intelligence company MicroStrategy announced plans to offer an aggregate principal amount of $500 million in convertible senior notes due 2032. The plan is to raise funds and buy more BTC.
Bitcoin Supply on Exchanges Hits December 2021 Lows: What Does This Mean for BTC Price? The supply of BTC stored on exchanges he fell to a level we haven’t seen since 2021. This is generally associated with easing selling pressure, giving more room for the price to consolidate and ultimately rise.
Paxos reportedly cuts workforce by 20%: Details. One of the largest cryptocurrency companies – Paxos – it reportedly was scaling. According to some sources, it now boasts a workforce of between 200 and 300 – 20% less than before.
Andrew Tate and Iggy Azalea Accused of Insider Trading in Promoting Meme Coins. Internet celebrities who recently launched their own meme coins – Iggy Azalea and Andrew Tate – were accused of insider trading.
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