The past week has been a whirlwind for Bitcoin and other cryptocurrencies. Bitcoin started strong, reaching over $64,000 after Fed Chair Jerome Powell hinted at interest rate cuts and RFK endorsed a pro-crypto presidential candidate. However, the weekend brought quiet to Bitcoin despite turbulence in the rest of the market following the arrest of Pavel Durov, CEO of Telegram. The market saw a significant drop, with Bitcoin losing over seven thousand dollars in value by Wednesday afternoon.
While Bitcoin struggled, most alternative coins also saw losses. Ethereum was down more than 5%, Binance Coin shed 7.5% of its value, and XRP was 6% in the red. Toncoin took the biggest hit, losing 17% since last Friday. The overall market cap stood at $2.193 trillion, with Bitcoin dominance at just under 54%.
BlackRock’s Spot Bitcoin ETF experienced outflows for the first time in almost four months, with withdrawals exceeding $13 million. Elon Musk and Tesla won a dismissal against a $258 billion Dogecoin manipulation lawsuit. Meanwhile, TON faced repeated outages due to high demand for the meme coin DOGS. Bitcoin long-term holders realized capitalization surpassed $10 billion for the first time, indicating strong investor behavior.
The SEC targeted NFT platform OpenSea, alleging that the NFTs on the platform could be unregistered securities. The company’s CEO expressed shock at the regulator’s actions. Additionally, details emerged about the arrest of Pavel Durov, with charges including organized fraud, money laundering, and the sale of narcotics through Telegram.
For a deeper look into the market, check out the chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Solana. The cryptocurrency market continues to be volatile, with a mix of bullish and bearish signals affecting different assets. Investors should stay vigilant and informed to navigate these challenging times in the market.
