Today we closed an arduous week for the crypto market as it was marked by a series of events that caused a correction in the price of Bitcoin. Nonetheless, some Altcoins have managed to stand out in the face of adversity.
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Bitcoin was on the tightrope and lost its balance for a moment
As we have previously reported on CryptoTrend, the price of Bitcoin was in terrifying crypto stability as it struggled to break above $ 60,000. In this way, on Wednesday a specific comment caused Bitcoin to lose its balance and fall below $ 50,000.
However, the comment did not exclusively affect Bitcoin. Many Altcoins suffered the effects and blood ran through the crypto market.
Ethereum, in fact, was one of the Altcoins that suffered the effects of a bloody crypto week as it fell 15% on Wednesday. However, the crypto managed to reduce its weekly loss to just a 3% drop.
Other Altcoins like Binance Coin and Dogecoin weren’t so lucky. In particular, BNB has accumulated a weekly drop of 11.5% while DOGE a 9% decline. However, it is worth briefly mentioning that behind the BNB crash is a possible investigation by crypto exchange Binance, but we will see that later.
In this way, just as we have Altcoins that suffered the effects of a bloody crypto week, we have other cryptos such as Cardano and Polkadot with a weekly gain of 28% and 14%, respectively.
The question is: Over the next week will we see another crypto bloody run? Or, conversely, will we see a recovery? Will Altcoins be the protagonists? We want to know your opinion!
Crypto exchange Binance is under the scrutiny of regulatory gaze
As we mentioned previously, behind the BNB pullback is this event. Last Thursday we reported from CryptoTrend that, according to Bloomberg, the US Department of Justice and the IRS are investigating the crypto exchange as part of an investigation into residents who use cryptocurrencies for illegal transactions.
However, Changpeng Zhao, CEO of the crypto exchange, assured that, as mentioned in the Bloomberg article, Binance was collaborating with the authorities.
Elon Musk is also behind the crypto bloody week
On Wednesday Elon Musk, CEO of Tesla, reported via Twitter that his company would stop accepting Bitcoin as a payment method in the wake of rising concerns about its environmental impact.
“We are concerned about the increasing use of fossil fuels for mining and Bitcoin transactions… especially coal, which has the worst emissions of any fuel»He explained on Twitter.
In general, the crypto community rejected the news since Musk had previously claimed to believe that Bitcoin, in fact, encourages the use of renewable energy.
On Monday we reported from CryptoTrend that Binance would have included the cryptocurrency Shiba Inu (SHIB), which resembles Dogecoin, on the crypto exchange. However, Changpeng Zhao warned at the time that it is a risky crypto.
Likewise, the crypto analyst, Scott Melker, assured that, although you are not worried, if you are paying attention to the speculative increase in the price of Dogecoin and Shiba Inu.
How did Square and MicroStrategy react to Elon Musk’s crypto comments?
As we have previously noted in CryptoTrend, behind the impressive rise of the leading crypto is the backing of large institutions such as Square, MicroStrategy and, of course, Tesla.
So, given Musk’s comments and Tesla’s withdrawal of support for Bitcoin, the crypto community should pay special attention to these other large institutions that support the price of the leading crypto in a certain way. We know that if its support is withdrawn, Bitcoin could shake.
In this sense, this week in an interview with Financial News, Square’s Finance Director assured that at the moment the company will not acquire more Bitcoin. However, he also did not indicate whether he would withdraw his investment in crypto.
Instead, MicroStrategy actually took advantage the opportunity to acquire more Bitcoin, Michael Saylor reported on Twitter.
In a few lines …
- According to BNN Bloomberg, UBS Group AG is exploring various ways to offer its large clients the possibility of investing in the crypto market.
- CBOE filed the form with the SEC on Monday to launch a Bitcoin ETF.
- Bitcoin mining company Greenidge has announced that it will be carbon neutral.