In what comes as another great week for the cryptocurrency world, Bitcoin, Ethereum and meme currencies like Shiba Inu and Pepe appear to be orchestrating a massive wave of speculation among traders and investors in the global cryptocurrency market. Some of the top headlines that have generated buzz in the broader cryptocurrency market this week are:
Bitcoin's continued rise
After surpassing the $73,000 level this week, the pre-halving Bitcoin price bullish trend has eased itself, reflecting optimism across the global cryptocurrency market. Although the token fell to the $68K level, capturing global attention, dip-buying sentiment continued to orchestrate Bitcoin's bullish waves this week.
While the massive sell-off in the cryptocurrency market witnessed over the past seven days is still primarily attributed to the decline of Bitcoin, among the decline of many other altcoins, the astonishing weekly influx of $2.6 billion worth of Bitcoin has shown tremendous optimism in the market for… For premium currency.
Moreover, former US President Donald Trump's positive stance on Bitcoin, who described it as a form of traditional currency, generated more optimism about Bitcoin. Meanwhile, as BTC ETFs continue to gain momentum, accompanied by the upcoming halving, Bitcoin has maintained its bullish stance despite the decline it has seen.
Interestingly, Thailand joined the Bitcoin ETF race this week, allowing US Bitcoin ETF (Spot Bitcoin ETF) investments exclusively for institutional and ultra-high net worth investors, marking another eye-catching development this year. the week.
Ethereum represents a storm of hacks
With the launch of the long-awaited Ethereum Dencun upgrade on the Ethereum mainnet in era 269568 this week, Ethereum has embarked on a monumental milestone. Following its latest significant upgrade, The Merge, Dencun's upgrade will likely pave the way for ETH to scale to even greater heights.
Although ETH crossed the $4K mark this week, coinciding with the decline in BTC, Ethereum saw a massive decline following the sell-off in the cryptocurrency market this week, as mentioned above. However, it appears that the broader cryptocurrency market remains bullish on ETH price movement going forward, as many analysts expect, adding to market optimism.
Mimi Queen's season is winding down
After the remarkable rise witnessed by almost all cryptocurrencies recently, this week's massive decline has created bearish sentiment among cryptocurrency market traders and investors globally. Coins like SHIB, PEPE, and FLOKI, among many others, also saw a massive sell-off, giving rise to speculation about whales and smart money losing interest in these meme-based assets. This collectively led to a wave of bearish thoughts among traders and investors this week.
Furthermore, despite the Shiba cryptocurrency community's ongoing efforts to boost SHIB token economies, including ongoing token burning and the community's recent development endeavors, SHIB continued to trade in the red this week, falling to the $0.00002 level. This, coupled with the fall and sale of PEPE, FLOKI and many others, has collectively created end-of-coin season sentiment.
The content provided may include the personal opinion of the author and is subject to the market situation. Conduct market research before investing in cryptocurrencies. The author or publication does not accept any responsibility for your personal financial loss.
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