The world of cryptocurrencies is wrapping up another week with great events for the broader cryptocurrency market. Among these events, Bitcoin, Ethereum and meme seem to stand out in particular, receiving a lot of attention from investors.
Some of the most important headlines that caused buzz this week are-
Bitcoin flow demands inferences
Over the past week, Bitcoin has been trading with a lot of volatility, with its price showing significant drops and jumps. This has sparked interest in the global cryptocurrency market, with the token showing a range of mixed market sentiment despite the highly optimistic BTC halving looming on the horizon.
Standard Chartered Bank, a consumer banking protocol, has forecast that Bitcoin will reach $150,000 this year, in line with optimism sparked by the upcoming halving. While many prominent figures in the industry have predicted a further decline in Bitcoin, attributing it to a slew of reasons including, Bitcoin options set to expire, FUD-induced whale sell-offs, cryptocurrency market liquidation, and corrections. market, etc.
Interestingly, Michael Saylor's company MicroStrategy acquired more Bitcoin this week, bringing its total Bitcoin holdings to more than those of the US government. Or China, at 1% of the maximum BTC supply. On the other hand, emerging BTC ETFs have recently gained additional traction as Grayscale announced that it will be reducing fees for the GBTC BTC ETF soon.
Ethereum is facing a setback
Ethereum, the second most popular cryptocurrency in the world, faced a notable setback this week as its price showed a significant decline. Although banking institutions such as Standard Chartered have remained optimistic about ETH price movement going forward, the broader cryptocurrency market painted a bearish outlook for ETH this week.
A combination of reasons, including an increase in ETH exchange inflows, liquidation of the cryptocurrency market, loss of investor confidence in the derivatives market, and others, led to ETH falling to the $3.3K mark. Meanwhile, traders continued to unload massive amounts of ETH tokens amid this recent correction, sparking a downward spiral on Ethereum this week.
Read also: Dogecoin is leading the meme coin craze this week, here's why
Speculative fuel coins meme
Meanwhile, the meme world shines with massive gains once again, even though the meme season appears to be winding down. Some of the top memes that resonated with the craze this week are-
Shiba Inu
The self-proclaimed Dogecoin killer showed off a storm of hacks this week, as its ecosystem began strategic collaborations, developments, and token launches. Although the Shiba Inu has seen price corrections, in line with the broader corrective trend within the market, SHIB’s ongoing burn of the token community and recent developments highlighted in “The Shib” have added a touch of market optimism to the meme coin.
Slerf
Likewise, this week, Slerf, a meme coin based on Solana, generated a torrent of speculative buzz. With expanded support from exchanges like HTX, Jupiter, and Beeple, the meme token has made huge gains.
However, Slerf investors also suffered a loss of $10 million this week, as a result of a major mishap in the pre-sale stages. The project developer accidentally burned LP tokens and the entire reserve of 500 million SLERF tokens for the airdrop, causing an uproar among cryptocurrency market enthusiasts. However, the project offered NFTs to pre-sale investors to mitigate losses from the recent $10 million debacle.
Read also: Over $1 billion in Bitcoin withdrawn from Coinbase in massive shift
