The cryptocurrency market had a rough week, starting with a sharp decline in Bitcoin’s price below $70K. This led to a significant sell-off in the market, causing a total capitalization drop of about $100 billion to $2.57 trillion. The following days were choppy, with attempts at recovery unsuccessful, leaving Bitcoin trading around $67K and many altcoins facing losses.
Despite the price action, there were some interesting developments in the industry. MicroStrategy plans to buy another $500 million worth of BTC, while meme coins continue to make waves. Celebrities like Andrew Tate and Iggy Azalea have launched their own meme coins, sparking accusations of insider trading.
In other news, the US Federal Reserve’s decision to hold the benchmark federal rate may lead to increased fluctuations in Bitcoin’s price, according to analysts. DeFi token CRV tanked 30%, leading to the liquidation of Curve Finance founder Michael Egorov. Additionally, Paxos reportedly downsized its workforce by 20%, and Bitcoin supply on exchanges hit lows not seen since December 2021.
Overall, despite the market downturn, the cryptocurrency industry remains dynamic and full of surprises. It will be interesting to see what the coming weeks have in store for investors and enthusiasts alike.