Another notable week witnessed in the cryptocurrency space as Bitcoin, Ethereum, and meme coins such as Shiba Inu and Pepe are experiencing massive speculation among traders and investors in the cryptocurrency market around the world. seems to be creating a trend. Here are some of the major headlines that resonated across the broader crypto market this week:
Bitcoin continues to be bullish
After topping the $73,000 mark this week, Bitcoin’s pre-halving bullishness further eased, reflecting optimism across the global crypto market. The bullish sentiment continued to shape the bullish wave in Bitcoin this week, as the token returned to the $68,000 level and attracted global attention.
While the massive decline in the crypto market witnessed over the past 7 days is still largely due to the drop in BTC, the weekly decline of $2.6 billion was recorded, even as many other altcoins were noted to have plummeted. This incredible BTC inflow shows the market's immense optimism towards the token.
Furthermore, former US President Donald Trump's positive stance towards BTC, promoting it as a type of traditional currency, created further optimism for BTC. Meanwhile, the BTC ETF continues to gain momentum with the upcoming halving, and despite the drop, Bitcoin remained bullish.
Interestingly, Thailand joined the BTC ETF race this week, allowing spot Bitcoin ETF investing in the US to be limited to institutional and ultra-high-net-worth investors, in another high-profile development this week.
Ethereum brings a flurry of breakthroughs
The long-awaited Ethereum Dencun upgrade went live on Ethereum mainnet this week at epoch 269568, marking a monumental achievement for Ethereum. Following the previous significant upgrade, The Merge, the Dencun upgrade could pave the way for ETH to reach even greater heights.
This week, ETH broke through the $4,000 level in conjunction with the sharp fall in BTC, but as mentioned above, even Ethereum saw a significant drop due to the fall in the cryptocurrency market this week. However, as predicted by many analysts, the broader crypto market appears to remain bullish on future ETH price movements, increasing market optimism.
Decline of Meme Coin Season
Following the impressive surge witnessed by almost all meme coins recently, the massive sell-off this week has created bearish sentiment among traders and investors in the crypto market around the world. Coins like SHIB, PEPE, and FLOKI among others also witnessed huge declines, giving rise to speculations about loss of interest from whales and smart money in these meme-based assets. This sparked a surge of bearish sentiment among traders and investors this week.
Furthermore, despite the Shiba crypto community's continued efforts to increase SHIB tokenomics, including continued token burning and the community's recent development efforts, SHIB continues to trade in the red this week, reaching the $0.00002 level. It fell. This, combined with the drop and fall of PEPE, FLOKI, and many other coins, created an end-of-season sentiment for meme coins.
The published content may include the personal opinions of the author and may be subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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