The past week has been a rollercoaster for the cryptocurrency market, marked by significant events that shaped the landscape.
Unexpectedly, meme coins grabbed headlines, major cryptocurrencies experienced setbacks, and prominent figures voiced their opinions on the market’s future.
In a surprising turn of events, the “Book Of Meme” (BOME/USD) made remarkable gains, outshining its competitor, the so-called “Dogecoin Killer,” Shiba Inu (SHIB/USD).
On Sunday, BOME reported a 6.4% increase in its price and a significant 13.4% rise in trading volume, with a notable $1.5 billion in trades.
This surge was further bolstered by Binance’s announcement of BOME’s upcoming listing on both its spot market and futures platform.
The same week, major cryptocurrencies faced a downturn, with Tuesday highlighting a dramatic fall.
The sector saw over $650 million in liquidations within a day, largely due to Bitcoin’s (BTC/USD) decline below the $63,000 mark.
This drop resulted in an 8% shrinkage of the market cap within a mere 24 hours.
READ MORE: Bitcoin Futures Volatility Surges: Open Interest Hits $36 Billion Amid Price Fluctuations
In the midst of market turmoil, Robert Kiyosaki, the author of ‘Rich Dad Poor Dad,’ shared his investment insights.
He advocated for gold, silver, and Bitcoin as preferable investments over stocks and bonds, citing China’s economic volatility and its “foolish” financial strategies as a backdrop for his advice.
Further adding to the discourse, 10x Research released a report forecasting a downturn in Bitcoin’s value.
This prediction came to pass as Bitcoin fell by 13% over the week, underscoring the report’s identification of risk factors and potential support levels should the downturn persist.
Controversy also arose from Peter Schiff, a known Bitcoin skeptic, who criticized CNBC’s “Squawk Box” for allegedly displaying a bias towards Bitcoin.
He accused the show of highlighting the cryptocurrency’s successes while overlooking its failures, specifically pointing out a lack of coverage on a significant 6% loss Bitcoin suffered overnight.
These developments reflect the volatile nature of the cryptocurrency market, with fluctuations driven by various factors from market sentiment to economic conditions, illustrating the unpredictable journey of digital currencies.
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