Hello cryptocurrency lovers! It’s that time of the week again where we bring you the latest and greatest in cryptocurrency news. Are you ready for your weekly dose of information, well let’s get to it!
First of all, Binance made a few hearts stop at the beginning of the week, as it had to halt BTC withdrawals twice in 12 hours, but don’t worry, they are back up and running now.
If we talk about Binance, we have to mention the drop experienced by the new memecoins diva, Pepe. Which saw a 45% red after appearing on the world’s largest Exchange. This shows how volatile the market can be, so it is crucial to do your own research before investing. Especially when we’re talking about coins that are literally a joke.
In other news, Bittrex has filed for bankruptcy and it is unclear what the future holds for the market and investors in the short term. While the industry seems to have become “used” to big companies going down, the truth is that this often causes a domino effect that eventually brings down other crypto projects.
Bitcoin Satoshi Vision, arguably a first cousin of traditional Bitcoin, hit the mark this week with a nice 16% rise in just 24 hours, gaining popularity among companies and with positive news about its blockchain. This, thanks to the fact that the Bitcoin blockchain suffered several overloads and generated gas commissions to soar to levels never seen before. After which investors went in search of cheaper alternatives.
Elon Musk’s interest in NFTs has caused a stir, as he posted a tweet driving up Milady’s minimum price. But that’s not all, as the $LADYS token (yes ANOTHER MEMECOIN!), went on to rise almost 10,000% after the tweet. But, then it popped like a bubble. Who would have guessed…
In other slightly less encouraging news, there is some concern that Tether, issuer of the market’s largest stablecoin, USDT, may be the next domino to fall in the cryptocurrency world according to a former SEC official. The regulatory agency’s claws are falling on many companies and cryptocurrencies, will Tether be the next victim?
As if it were a bad joke, while the SEC is preoccupied with senselessly attacking the crypto ecosystem, the United States would be on the verge of a default. That’s why Circle has been proactive in avoiding the potential risk of US default by adjusting its USDC holdings. It is a smart move and underlines the importance of risk management in the sector, mainly for those currencies tied to a currency that is losing legitimacy day by day, such as the dollar.
In a complicated week, Ethereum bulls are struggling as ETH may break below $1800, a reminder that even established cryptocurrencies like Ethereum are susceptible to market fluctuations. It looks increasingly difficult for Ethereum to retest $2,000 anytime soon, our trading specialist explains.
In fact, the market as a whole took a hit after the release of the US CPI data, leaving many in the red. A clear example of this is Bitcoin, which fell below $27,000, leading some to wonder if the two-month bullish streak has come to an end.
To find out, we can only keep an eye on the news coming from all corners of the crypto world. And there’s no better place for that than Crypto Economy!
See you next week!
