The crypto space concludes another week with notable events witnessed across the broader crypto market. Among these events, Bitcoin, Ethereum, and memecoins stand out the most and appear to be attracting significant investor attention.
Here are the top headlines trending this week:
Bitcoin liquidity encourages inference
Over the past week, Bitcoin has traded with great volatility, with its price showing significant declines and spikes. This caught the attention of the global cryptocurrency market as the token showed a series of mixed market sentiments despite the looming BTC halving.
Consumer banking protocol Standard Chartered predicted BTC would reach $150,000 this year, consistent with the optimism sparked by the upcoming halving. Meanwhile, many industry figures are predicting a further downturn for Bitcoin, citing factors such as expiring BTC options, FUD-induced whale crashes, cryptocurrency market liquidations, and market corrections. He cites many reasons, including:
Interestingly, Michael Saylor's MicroStrategy acquired more Bitcoin this week, bringing its total BTC holdings to more than the US government's holdings. Or in China, valued at his 1% of the maximum supply of BTC. On the other hand, the emerging BTC ETF recently gained more attention as Grayscale announced that it will soon lower fees for the GBTC BTC ETF.
Ethereum encounters setback
Ethereum, the world's second most popular cryptocurrency, has countered a notable decline this week with a significant drop in price. While banking institutions such as Standard Chartered remain bullish on future ETH price action, the broader crypto market has painted a bearish outlook for ETH this week.
Due to a number of reasons, including a sudden increase in inflows to ETH exchanges, liquidation of the cryptocurrency market, and loss of confidence among investors in the derivatives market, ETH has fallen to the $33,000 level. Meanwhile, amidst the recent correction witnessed, traders continued to dump huge amounts of ETH tokens, creating a bearish spiral in Ethereum this week.
Also read: Dogecoin leads the meme coin frenzy this week, here's why
Meme coins encourage speculation
Meanwhile, the memecoin world once again shined with incredible profits, but memecoin season seems to be fading. Here are some of the top meme coins that have sparked enthusiasm this week:
Shiba Inu
The self-proclaimed Dogecoin killer made a number of breakthroughs this week as its ecosystem embarked on strategic collaboration, development and token launches. Even Shiba Inu witnessed a price correction, in line with broader corrective trends within the market, but the token's continued SHIB burning by the community and recent advances spotlighted by “The Shib” meme Added a touch of market optimism to the coin.
Slaf
Similarly, this week Slerf, a Solana-based meme coin, put together a speculative story. With expanded support from exchanges such as HTX, Jupiter, and Beeple, Meme His token has recorded incredible gains.
However, Slerf investors also suffered a $10 million loss this week due to a major mishap during the pre-sale stage. The project developers accidentally burned the entire reserve of LP tokens and 500 million SLERF tokens for airdrops, causing an uproar among crypto market enthusiasts. Nevertheless, the project offered NFTs to pre-sale investors to mitigate losses caused by the recent $10 million debacle.
Also read: Over $1 billion in Bitcoin withdrawn from Coinbase in massive shift
