After spending multiple weeks trapped around $19,000, Bitcoin’s price was finally able to escape the range and break out toward the upside. BTC reclaimed $20K and even poked above $21,000 before retracing a bit to where it currently trades. Elsewhere, Elon Musk officially acquired Twitter, so let’s unpack.
Bitcoin started the week trading at around $19,000, and it was seemingly trapped there for quite a while. However, the volatility picked up on Tuesday, and the bulls returned to the market, taking BTC’s price above $20,000 for the first time in over 20 days.
The march continued on Wednesday when the cryptocurrency briefly poked above $21,000 (on Binance), but buyers were unable to sustain the price, and it was pushed back toward where it currently trades at around $20,500. All in all, BTC is up 8% in the past seven days.
The rest of the market is also painted in green, with Dogecoin being the best performer and gaining a whopping 43%. Surely, this has to do with the fact that Elon Musk finally saw his acquisition of Twitter finalized. On the first day, he went straight off to fire some top executives, including the CEO and the CFO.
This has become one of the most controversial acquisition deals, and you can take a look at our complete timeline here. Elon Musk has also shared some of his plans and vision for the company, hinting at a potential subscription-based model in the future.
Ethereum is also performing extremely well over the past seven days, up almost 20%. All of this brought the total market cap above $1 trillion. It’s exciting to see if the momentum will carry on over next week or if the bears will have the final word.
Market Data
Market Cap: $1,038B | 24H Vol: $83B | BTC Dominance: 38%
BTC: $20,544 (8%) | ETH: $1,536 (19.8%) | BNB: $294 (9.4%)
This Week’s Crypto Headlines You Can’t Miss
Elon Musk’s Twitter Acquisition: What Happened so Far? Elon Musk finally acquired Twitter in a deal that’s likely to be remembered. Riddled with controversy, we present a full timeline of everything that led up to this moment.
One Reason and One Warning for Bitcoin and Ethereum’s Recent Pumps: Arthur Hayes. Bitcoin’s price went on a roll this week. Commenting on the matter was Arthur Hayes – BitMEX co-founder and former CEO. He gave one reason but also one warning for both BTC and ETH after the recent pumps.
New UK Prime Minister Rishi Sunak: Crypto Believer or CBDC Backer? Rishi Sunak is the new prime minister of the United Kingdom, and he’s spoken of crypto multiple times. However, is he a proponent, or is he leaning towards the idea of a central bank digital currency?
Kazakhstan to Integrate its CBDC on BNB Chain, CZ Confirms. The country of Kazakhstan will be launching a central bank digital currency. Interestingly enough, it will be integrated into the BNB Chain. Binance CEO Changpeng Zhao has already confirmed the move.
FTX Very Likely to Launch a Stablecoin, SBF Confirms. One of the world’s leading cryptocurrency exchanges – FTX – will likely launch a stablecoin. The CEO – Sam Bankman-Fried – talked about it in an interview where he also explained that the current bear market is quite disturbing for the entire industry.
Here’s How Much a16z’ Largest Crypto Fund Is Down: WSJ. Andreessen Horowitz (a16z) is one of the most prominent venture funds, having invested billions in the field of cryptocurrency. However, the ongoing bear market has also taken its toll. Here’s how much the VC lost so far.
Charts
This week we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Solana – click here for the complete price analysis.
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Cryptocurrency charts by TradingView.
