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Friday, July 19, 2024

Bitcoin Price Loses $5,000, Meme Coins Take a Hit as Market Downturn Amplifies: This Week’s Crypto Recap

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The cryptocurrency market experienced a sharp decline during the evening of last Friday. Bitcoin’s price crashed below $70K, prompting a considerable market sell-off. The total capitalization is down by about $100 billion in the process, currently sitting at around $2.57 trillion.

Everything was going well when the bears decided to have a late Friday night party. The move was sudden, pushing Bitcoin’s price below $70K and initiating a considerable downturn across the entire cryptocurrency market. It caused hundreds of millions of liquidations and also sparked fears of a prolonged correction.

The following seven days were incredibly choppy. The price plateaued during the weekend, but the bulls initiated a recovery attempt later during the week. Unfortunately, it was unsuccessful. The move toward $70K was sparked by the publishing of the CPi for the previous month. The number, which gauges the inflation in the United States, was within expectations but it showed that inflation was somewhat slightly slowing down.

That said, the bears weren’t done with the market.

On Thursday, the price plummeted once again, unable to sustain the gains made on the recovery attempt to $70K. This is why we’re currently found at Bitcoin trading around $67K, completely unable to escape this level to the upside. Most of the altcoins followed very similar fate, but a lot of them are charting more considerable losses.

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For example, SOL is down 13%, the same for SHIB, AVAX, BNB, MATIC, PEPE, and many other altcoins. ETH lost 7.7%, NEAR lost around 18.67%, and so forth.

Price action aside, there were a few interesting things that happened during the week as well. For once, MicroStrategy is preparing to buy another $500 million worth of BTC. No surprises there.

Meme coins are also continuing to cause a stir. Last week saw the appearance of a meme coin launched by Andrew Tate (who had famously declared multiple times that he would never launch a cryptocurrency). He and another celebrity – Iggy Azalea (who also launched her own coin) – are now being accused by community members of insider trading.

Despite the depressing price action, the market and the broader industry remain as interesting as ever, and it’s exciting to see what the coming week has in store!

Market Data

Market Cap: $2.57T | 24H Vol: $90B | BTC Dominance: 51.5%

BTC: $67,136 (-5.4%) | ETH: $3,510 (-0.7.3%) | BNB: $609 (-13.4%)

Fed’s Rate Hold May Spark Further Bitcoin Price Fluctuations: Analysts. The US Federal Reserve decided to keep the benchmark federal rate at 5.25% to 5.5%. Some crypto analysts believe that this might lead to increased fluctuations in Bitcoin’s price.

DeFi Token CRV Tanks 30% as Curve Finance Founder Gets Liquidated. The native token of the DeFi platform Curve (CRV) dropped by 30% earlier. This also means that its founder – Michael Egorov – has seen his position entirely liquidated for hundreds of millions.

MicroStrategy Announces $500M Convertible Senior Note Offering to Buy More Bitcoin. Intelligence firm MicroStrategy announced plans to offer $500 million aggregate principal amount of convertible senior notes due 2032. The plan is to raise funds and buy more BTC.

Bitcoin Supply on Exchanges Hits Dec 2021 Lows: What Does it Mean for BTC’s Price? The supply of BTC stored on exchanges has dropped to a level that we haven’t seen since 2021. This is typically associated with alleviated selling pressure, giving more room for the price to consolidate and eventually increase.

Paxos Reportedly Downsizes Workforce by 20%: Details. One of the larger cryptocurrency companies – Paxos – has reportedly been downsizing. According to some source, it now boasts a headcount between 200 and 300 – 20% less than before.

Andrew Tate and Iggy Azalea Accused of Insider Trading in Meme Coin Promotions. Internet celebrities who recently launched their own meme coins – Iggy Azalea and Andrew Tate – have been accused of insider trading.

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Cryptocurrency charts by TradingView.

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