This week was another wild one for the cryptocurrency market, with Bitcoin (BTC) leading the way. Bitcoin’s price spiked, boosting hopes, only to plummet precipitously. Altcoins echoed this price fluctuation, and Wall Street conversations were dominated by the rise of GameStop (GME) meme stock.
This week, we will look closely at a few of the most prominent cryptocurrency news stories worldwide.
Bitcoin and Other Cryptocurrencies Arouse Investors’ Hopes
Notably, this week saw a surge in Bitcoin prices to around $71K, which sparked optimistic conversations within the world’s cryptocurrency community. This price surge occurred in the context of record-breaking BTC ETF inflows documented for 19 straight days and an ETF approval in Thailand.
Following these developments, Bitcoin proponents such as Robert Kiyosaki, Adam Back, and Thomas Fahrer, co-founder of Apollo, predicted a very positive future for cryptocurrencies. But as the week went on, the flagship cryptocurrency’s price dropped to $69K, which alarmed investors.
It’s important to note that BitMEX has included Bitcoin futures and other cryptocurrencies. However, in response to miners’ growing interest in artificial intelligence, Nvidia-backed CoreWeave and Bitcoin miner Core Scientific earned a 12-year contract.
Altcoins
Most altcoins, such as Ethereum (ETH) and Solana (SOL), had significant increases at the same time before following BTC’s downward trend. A selloff in the cryptocurrency market is to blame for most token prices falling. Despite strong buying of DOGE, SHIB, and PEPE over the past week, even the meme coins sector matched the declining trend.
On the other hand, XRP, the cryptocurrency supported by Ripple Labs, looks poised for a 61,390% price surge. There is much conjecture around the exchange listing XRP and XRP ledger tokens after Robinhood acquired Bitstamp. Additionally, XRP is being considered a currency for the BRICS payment system, which Russian President Vladimir Putin has stated is in the works.
GameStop Meme Stock Takes Center Stage
Finally, this week’s resurgence of GME stock caused a frenzy on Wall Street. Keith Gill, also known as “The Roaring Kitty,” drove a very high price increase in the stock, but it was thwarted by GameStop’s intention to sell 75 million of its shares. Nevertheless, Keith managed to avoid the SEC’s attention despite stock manipulation.
In the midst of all this excitement, VanEck’s advisor, Gabor Gurbacs, expressed disappointment in the TradFi system and praised Bitcoin instead.
