It’s safe to say that this was a rather intense week in the cryptocurrency market, despite Bitcoin being only about 2% up throughout the period.
Things started off rather calmly, and the market was pretty flat until Monday. Bears took control and brought the price down to slightly above $30K before landing the final blow on Tuesday and pushing BTC below $30,000.
It was on Wednesday, though, when the highly-anticipated B Word event took place, which saw Elon Musk, Jack Dorsey, and Cathie Wood discussing Bitcoin. All of them had important and impressive things to say about the primary cryptocurrency, but the attention was more or less on Musk. The Tesla CEO spoke fondly of the cryptocurrency, revealing that he, as well as SpaceX, owns it, apart from Tesla, which already bought a few months back. He also said that the electric vehicle manufacturer is likely to start accepting BTC again soon.
This positively impacted the market as BTC bounced and gained around $3K in a day. It’s been up only since then, and the coin is now trading at around $32,500.
The altcoin market was also taken ablaze by volatility as a lot of cryptocurrencies crashed and recovered after that. Ethereum, for instance, is almost 8% up, DOGE is 4.6% up, UNI – about 4% up, and so forth. Others, however, failed to capitalize throughout the week and saw some losses. BNB is down almost 8%, ADA is down about 4.2%, Ripple pretty much traded flat, and so forth.
Overall, the week could be considered rather positive. Musk’s words resonated within the community. Jack Dorsey also said that Bitcoin would be a big part of Twitter’s future, while Cathie Wood’s Ark Investments bought this week’s dip by purchasing shares of GBTC.
Whether or not this is the start of a recovery, however, only time will tell.
Market Cap: $1325B | 24H Vol: 201B | BTC Dominance: 45.8%
BTC: $32,450 (+2%) | ETH: $2,060 (+7.8%) | XRP: $0.59 (-1%)
This Week’s Crypto Headlines You Better Not Miss
Elon Musk: Tesla Would Resume Accepting Bitcoin, Most Likely. Elon Musk has a changed outlook on Bitcoin’s energy use as he sees a trend towards renewables. According to him, the company he runs, Tesla, will most likely resume accepting BTC as a means of payment.
Jack Dorsey Sees Bitcoin as a Big Part of Twitter’s Future. Jack Dorsey believes that Bitcoin will have a big part in Twitter’s future. He thinks that the cryptocurrency can potentially help a lot with some of the company’s existing and future products. This became clear in this quarter’s earnings calls.
Mysterious Bitcoin Whale Who Sold at $60K Bought Over 17K BTC Between $30-39K. While the predominant sentiment in the cryptocurrency market continues to be rather negative and fearful, this doesn’t seem to be the case for the third-biggest BTC address. This whale has been buying BTC in the range between $30K and $39K aggressively.
Bought the Dip? Cathie Wood’s ARK Invest Purchased 450,000 GBTC Shares in Two Days. Cathie Wood’s investment fund has purchased $13 million worth of Grayscale’s Bitcoin Trust (GBTC) shares. The company bought more than 140K additional shares of GBTC in a day for its ARK Next Generation Internet ETF.
JPMorgan Becomes First US Banking Giant to Give Wealth Clients Access to Crypto Funds. International banking giant JP Morgan reportedly became the first US bank to give its wealth clients access to crypto funds. The latter have been given access to several crypto products, including the Grayscale Bitcoin Trust.
Rap Legend Busta Rhymes Officially a Bitcoin HODLer. The rap legend Busta Rhymes is now officially a Bitcoin HODLer. He said that Elon Musk, Jack Dorsey, and Cathie Wood, speaking at the B Word event, was the final push he needed to buy BTC. He’s looking into Ethereum next.
This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Cardano, and Polygon – click here for the full price analysis.
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Cryptocurrency charts by TradingView.