Check Out What Happened in the Cryptocurrency Market this Week

Over the past week, the cryptocurrency market has experienced significant volatility, with Bitcoin (BTC) dropping from $64K to $59K, triggering concerns among investors. Large amounts of BTC were transferred to exchanges by the U.S. and German governments, contributing to market speculation. This, combined with additional whale dumping, has resulted in bearish market sentiment.

Bitcoin Struggles for Momentum

Institutional investors have shifted focus from Bitcoin to altcoins, anticipating a correction in the market. Uncertainty surrounding Mt. Gox’s plan to repay creditors in Bitcoin and Bitcoin Cash has further added to the price instability. While positive sentiments were triggered by cooled-down U.S. PCE and core PCE inflation, the overall outlook suggests a potential further dip in Bitcoin price.

Despite 4-day inflows into Bitcoin ETFs, the crypto’s price has failed to gain significant upside momentum. This has been attributed to substantial BTC sales by miners and the phenomenon of miner capitulation. Nevertheless, the CEO of Binance remains optimistic about Bitcoin’s long-term prospects.

Read Also: Worldcoin (WLD) Price Poised for Recovery, Analyst Predicts

PEPE Market Trend

PEPE Coin demonstrated high volatility, dropping to the $0.000011 price level, with significant amounts of PEPE being sold off for Ethereum. This move has generated negative sentiments about PEPE’s future while adding a bullish tint to ETH’s future movements.

XRP Market Impact

XRP has also attracted attention, with analysts forecasting a $2 price target despite a sluggish price action. Whales acquiring substantial amounts of XRP and Ripple president Monica Long’s comments on the ongoing SEC lawsuit, RLUSD stablecoin, and potential XRP ETF launch have contributed to bullish sentiments for XRP in the industry.

Read Also: XRP: $500 Bargain in Five Years? Prominent Figure Makes Bold Prediction

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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.