What a week! It’s safe to say that being a bear for the last seven days must be bad. The cryptocurrency market exploded over $1.2 trillion on the back of big gains from most coins, including Bitcoin. There’s more to uncover, so let’s dive in.
First things first, the price of Bitcoin is up 18% in the last seven days, trading over $30K at the time of this writing. The week started off on the right foot as the price slowly rose over the previous week. However, it wasn’t until June 20 – last Tuesday – that the bulls really took over. The price exploded above $28K, and by the time everyone knew what was happening, it had also shot above $29K.
After a few hours of calm, on Wednesday – the next day – the price rose above $30K and even touched $31K. The bulls need some rest, though, and BTC is currently consolidating around $30K.
But that’s not the craziest part.
PEPE – the meme coin that has been doing the rounds for the past two months – is up 66% in the last seven days and continues to surprise. It became the 69th (yes) largest cryptocurrency by total market cap, and it’s probably safer to assume now that it’s here to stay.
The rest of the altcoin market is also performing well. Ethereum increased by 13%, ADA increased by 12%, SOL – 12%, etc. Some of them are late, which is expected. XRP rose only about 5%, while BNB – about 3%. Both of these cryptocurrencies failed to take advantage of the rally, but that is probably due to the fact that Binance and Ripple are fighting major lawsuits against the US Securities and Exchange Commission.
Gains in the broader market appeared to be associated with BlackRock’s spot Bitcoin ETF filing, which also prompted more filings as companies seemed encouraged by the prospect of approval. BlackRock has a 575 to 1 approval rate, after all.
However, will a Bitcoin ETF finally be approved by the SEC? Given the poor attitude of the Commission to the industry recently, it is difficult to gauge any of the above possibilities. Time will tell.
Market Cap: $1,210B | 24H Vol: $38B | BTC Dominance: 48.2%
BTC: $30,139 (+18.1%) | ETH: $1,875 (+12.5%) | BNB: $242 (+3.1%)
This Week’s Crypto Headlines You Can’t Miss
Binance.US Rejects SEC Claims About Mishandling of User Funds. Binance filed a motion earlier this week, calling out the US Securities and Exchange Commission for conflicting statements regarding the alleged “commingling” of assets related to their clients.
After $30K: 7 Factors for Bitcoin Price to Reach $40K According to ChatGPT. After BTC hit $30K earlier this week, we decided to ask ChatGPT about what needs to happen for the cryptocurrency to reach $40K. The answer may surprise you.
Bitcoin May Be Best Trade of Decade, Gemini Co-Founder Says. Cameron Winklevoss isn’t one to shy away from bold predictions, and this ending isn’t surprising either. In light of the recent spree of spot Bitcoin ETF filings, he believes Bitcoin is the best trade of this decade.
Bitcoin Price Touches $138K on Binance US: Here’s Why. Bitcoin price rises above $138K on Binance US. The reason for this is the thin liquidity and the loss of depth in the market after the recent regulatory turmoil that pushed the exchange astray, with many investors and banking providers moving away.
3AC Founders Launch New VC Fund Tied To OPNX. The founders of failed crypto VC Three Arrows Capital – Su Zhu and Kyle Davies – are back at it. This time, they have established a new venture capital firm called 3AC Ventures.
PEPE Explodes 40% Amid Total Crypto Market Recovery. PEPE is the best performer this week from the top 100 cryptocurrencies by market cap. It has surged 70% in the past seven days following a broader market recovery and impressive performance.
This week we have a chart analysis of Ethereum, Ripple, Cardano, Dogecoin, and Shiba Inu – click here for a complete price analysis.
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