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Here’s what happened in crypto this week
Another week is coming to an end in the crypto landscape, keeping traders and investors in the crypto market on their toes. The price of Bitcoin (BTC) has fallen from the $64,000 price level to $59,000 this week, raising investor concerns. This lurch comes amid massive dumps on exchanges.
Meanwhile, Ripple’s Pepe Coin (PEPE) and XRP have garnered significant interest. As developments related to the SEC lawsuit unfolded, market analysts dismissed a highly bullish forecast for XRP. Simultaneously, PEPE whales sprang into action, moving billions of coins, attracting investor attention.
So, let’s take a closer look at some of the biggest cryptocurrency headlines of the week.
Bitcoin Price Fights
Bitcoin encountered immense volatility this week, mainly due to huge token dumps on exchanges. Notably, the US and the German governments have been moving colossal amounts of Bitcoin to CEXs this week, sparking worldwide speculation amid the turbulent crypto movement.
Simultaneously, a CoinGape report further highlighted the enormous whale depositsgenerating bearish sentiments in the market.
Institutional investors saw this week as an opportunity to shift focus from Bitcoin to altcoinsas the broader industry expects a true correction to be underway. The beleaguered exchange Mount Gox plans to repay creditors in Bitcoin and Bitcoin cash have further increased price uncertainty.
However, the US PCE and Core PCE Inflation cooled down, triggering some positive sentiments in the market. However, more general sentiments convey a further drop in Bitcoin Price it’s possible.
Despite Bitcoin ETFs Recording a 4-day streak of entries, the crypto price failed to gain notable bullish momentum. Entries continue to be affected BTC miners
sold massive amounts of Bitcoin this week, aligning with miners’ capitulation.
However, the CEO of Binance remained immensely optimistic about Bitcoin’s long-term prospects.
Pepe Coin sparks speculation
Meanwhile, PEPE’s weekly chart showed highly volatile movement, with the meme coin falling to the $0.000011 price level at press time.
Smart money dumped billions of PEPE with 11x returns this week, sparking speculation about maximum price action for Pepe Coin. Simultaneously, in light of the imminent launch of the ETH ETF, a whale unloaded almost 1 trillion PEPE for Binanceexchanging it for Ethereum.
This strategic shift has generated negative sentiments about the future of PEPE, although it has added an optimistic tone to ETH’s future movements.
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XRP creates buzz
Meanwhile, despite the sluggish price action, analysts took to the stage to predict a highly optimistic $2 price target for the cryptocurrency. XRP. Amidst this optimistic buzz, it was recorded that XRP Whales has bagged hundreds of millions of Ripple-backed coins, indicating a potential reinforced price movement ahead.
President ripple Monica Long also spoke about the Ripple vs SEC lawsuit, the RLUSD stablecoin and a potential launch of the XRP ETF. This has generated notable bullish sentiments for XRP across the industry.
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