This week's crypto market saw dramatic price swings, with Bitcoin experiencing both significant highs and lows. The market was heavily influenced by geopolitical events, speculation about a US sovereign wealth fund, and the ongoing developments in the Bitcoin industry.
The crypto markets experienced a rollercoaster week, marked by sharp price swings and volatility. The drama began unexpectedly during a typically calmer weekend for financial markets, except for the always-active crypto sphere. On Saturday evening and Sunday, Bitcoin (BTC) tumbled from $102,000 to under $100,000 and even dipped below $97,000. While it briefly recovered on Sunday afternoon, bears regained control on Monday morning, sending BTC plummeting below $92,000, a two-week low.
This marked a significant loss of approximately $10,000 within 24 hours and roughly $15,000 since last Friday when it traded above $106,000. However, the cryptocurrency staged a quick rebound, surging back above $100,000 and reaching $102,000 within hours. Despite this brief surge, BTC couldn't sustain its position within the six-digit territory and began to decline in the following days. It flirted with the $96,000 support level several times but managed to hold above it.Recently, BTC experienced a brief surge, reaching $100,000 for the first time since Monday, following the release of US jobs data. However, this rally was short-lived, and BTC quickly retreated below the $100,000 mark. This volatility extends to the broader cryptocurrency market, with most altcoins suffering significant weekly losses. Ethereum (ETH) plunged by 17% to trade below $2,800, while XRP, DOGE, ADA, LINK, AVAX, and SUI all experienced drops of over 20%. OM stands out as the only major-cap altcoin in the green, with an 18% surge since last Friday pushing its price above $6. Several events contributed to this week's market turmoil, including the imposition of tariffs by former US President Donald Trump on several countries, leading to a sharp market crash. The subsequent suspension of these tariffs between the US and Mexico provided some relief. Additionally, news about a potential US sovereign wealth fund investing in Bitcoin fueled speculation and price fluctuations. However, it appears that Bitcoin is not yet included in the fund's portfolio. Meanwhile, MicroStrategy, the largest corporate holder of Bitcoin, dropped 'Micro' from its name, now operating simply as 'Strategy,' and further solidified its position in the Bitcoin space. The company also reported its best quarter for Bitcoin accumulation, indicating continued bullish sentiment. Despite the market uncertainty, some experts remain optimistic about Bitcoin's long-term prospects
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