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Bitcoin Drops Below $64K, Ripple Has More Trouble, Meme Coins Suffer: This Week’s Crypto Recap
It’s been a tough week and there’s no two ways around it. The total cryptocurrency market capitalization decreased by more than $70 billion as the price of Bitcoin fell below $64,000.
It has been something of a rollercoaster over the past seven days as the price of BTC has tried to recover on a few occasions but has failed to regain its position. Last Friday, the cryptocurrency fell to $65,000, but bulls quickly recovered over the weekend. As soon as the new week began, however, BTC bears took control once again and negated all attempts at a quick recovery.
Now, Bitcoin trades at $64,000, although it appears somewhat unstable. Liquidations are also increasing, which means many futures traders are seeing their positions wiped out.
But the crisis is definitely not limited to Bitcoin alone.
The altcoin market is also suffering, especially when it comes to meme coins, but more on that later. Large-cap cryptocurrencies like BNB have taken a hit. It’s down 4% for the week, while Solana (SOL) is down a more considerable 10%. TON fell 10.4%, while ADA fell 9.4%.
Interestingly, Ripple’s XRP is up 2.2% during the last seven days, defying the negative market trend among the rest of the large-cap altcoins. This is despite additional legal challenges the company faces in California (in addition to the important case against the US Securities and Exchange Commission).
That said, meme coins are having a very difficult time. The entire category as a whole was down a whopping 14%. DOGE fell by 13%, SHIBA – 17%, WIF – 23%, FLOKI – 19% and so on. It’s interesting to see if the meme coin season that began at the beginning of the year is already over, but at the time of this writing, it certainly seems that way.
In short, the crypto market is heating up, but unfortunately, it looks like the bears are in charge now. Of course, this could all change in an instant, so it’s exciting to see what next week will look like.
Market data
Market value: $2.47T | 24H Volume: $80 billion | BTC Dominance: 51.2%
BTC: US$64,230 (-4.2%) | ETH: US$3,510 (+0.1%) | BNB: $585 (-3.8%)
This week’s crypto headlines you better not miss
MicroStrategy buys another large batch of BTC, worth almost $800 million. MicroStrategy – a business intelligence software giant and publicly traded company listed on NASDAQ – announced that it has purchased another US$800 million in Bitcoin. This brings its total stock to 226,331, and it is currently worth around $8.3 billion.
Bitcoin Retail Crowd Still Missing: Can They Push BTC Above $70K? Retail investors are nowhere to be found, according to to recent research. These traders are typically known for making more emotional decisions and making hasty investment choices associated with the later stages of a market cycle. In other words, the bull market may not have arrived yet.
Winklevoss Twins Pledge $2 Million in BTC to Trump Presidential Campaign. Tyler and Cameron Winklevoss – the two co-founders of the Gemini cryptocurrency exchange – announced his $2 million donations to Donald Trump’s presidential campaign. It was made in BTC.
Stablecoins could capture 10% of global economy in next decade: Circle CEO. According to For Jeremy Allaire – CEO of Circle (issuer of the USDC stablecoin), stablecoins could capture an impressive 10% of the global economy in the next decade. Is this too optimistic?
Cardano (ADA), Ripple (XRP) targeted by short traders amid post-relief bounces. Two of the most popular altcoins – Cardano’s ADA and Ripple’s XRP – have apparently been targeted by short traders. According to data shared by Sentiment, funding rates indicate dominant shorts.
NVIDIA overtakes Microsoft as the world’s largest company and pushes these AI cryptocurrencies into the rally. The AI boom and demand for AI-powered applications helped NVIDIA shares reach an impressive $135 this week. That to pushthe company’s market capitalization to US$3.335 trillion, thus overtaking Microsoft in first place.
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This week we have a chart analysis of Ethereum, Ripple, Binance Coin, Dogecoin and Polkadot – click here for full price analysis.
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