The past week has been a rollercoaster ride for Bitcoin and other altcoins in the cryptocurrency market. Bitcoin started the week on a high note, soaring past $65,000 on Monday morning. However, the euphoria was short-lived as the price took a sharp downturn, losing over seven thousand dollars by Wednesday afternoon. The bulls made an attempt to recover on Thursday, pushing the price up to $61,200, but the momentum was not sustained. As of now, Bitcoin struggles below the $60,000 mark, facing resistance despite some bullish signs.
Altcoins in the Red
While Bitcoin was experiencing its ups and downs, most altcoins were also in the red on a weekly scale. Ethereum, Binance Coin, and XRP all saw declines in value, with ETH down by more than 5%, BNB shedding 7.5% of its value, and XRP in the red by 6%. Toncoin emerged as the biggest weekly loser, plummeting by 17% since last Friday. The overall market capitalization is at $2.193 trillion, with a 24-hour volume of $85 billion and Bitcoin dominance just shy of 54%.
BlackRock’s Spot Bitcoin ETF, which had been seeing positive or neutral flows for almost four months, faced outflows of over $13 million on Thursday. This marked a significant shift in investor sentiment towards the financial vehicle. Similarly, other Bitcoin ETFs also experienced withdrawals, indicating a broader trend in the market.
In a legal battle over allegations of Dogecoin manipulation, Elon Musk and Tesla emerged victorious in court. A group of investors had claimed that Musk and Tesla knowingly manipulated the price of DOGE for personal gain. However, US District Judge Alvin Hellenstein ruled in favor of Musk and Tesla, dismissing the $258 billion lawsuit against them.
TON Network Outages Amid DOGS Hype
The Telegram-backed crypto project TON faced multiple challenges, including network outages and high demand for the meme coin DOGS. Pavel Durov’s arrest added to the troubles faced by the project, leading to two network outages in less than 36 hours. These incidents highlighted the vulnerability of the network during times of high demand and speculation.
SEC Targets NFT Platform OpenSea
The US Securities and Exchange Commission continued its crackdown on crypto-related firms by sending an official Wells Notice to NFT platform OpenSea. The regulator raised concerns that the NFTs on the platform could be unregistered securities, signaling increased scrutiny on the NFT space. OpenSea’s CEO expressed shock at the SEC’s actions, indicating the challenges faced by companies in navigating regulatory uncertainty.
Details emerged about the arrest of Pavel Durov, the founder and CEO of Telegram, who was detained at Le Bourget Airport on charges of organized fraud, money laundering, and sale of narcotics through the platform. The initial lack of information surrounding his arrest raised questions about the potential implications for the Telegram ecosystem and its associated projects.
The cryptocurrency markets witnessed significant volatility and regulatory challenges over the past week. Bitcoin’s price fluctuations, altcoin declines, legal battles, network outages, and regulatory scrutiny all contributed to a tumultuous period for the industry. As investors navigate these uncertainties, it becomes crucial to stay informed and cautious in a rapidly evolving market environment.