The cryptocurrency market lost nearly $100 billion in total capitalization over the past seven days, bringing it down to $1.150B. Most coins are currently in the red, with PEPE being the hottest story of the week, albeit for different reasons this time around. Let’s take a closer look.
Bitcoin’s price crashed by about 9% over the past week and is currently hovering around $26,500. The bears were relentless, and buyers failed to catch a break. The price was rejected at $30K last week, and it’s been spiraling downward ever since.
Altcoins aren’t faring any better, with ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, DOT, and others all experiencing significant losses.
However, PEPE is currently the biggest loser, having crashed 60% over the week, and over 70% since its ATH.
While it’s interesting to see whether or not PEPE will make a comeback, the odds aren’t looking good at the moment.
All in all, market sentiment has shifted over the past few weeks, and the optimism is fading. It’s unclear whether this is just a temporary correction or if another winter is on the horizon.
Market Cap: $1,150B | 24H Vol: $49B | BTC Dominance: 44.5%
BTC: $26,455 (-9.1%) | ETH: $1,771 (-7.7%) | BNB: $306 (-5.6%)
This Week’s Crypto Headlines You Can’t Miss
Terraform Labs Founder Do Kwon to Be Released on $440K Bail (Report). Founder Do Kwon of Terraform Labs, charged with traveling to Montenegro on a forged passport, is expected to be released on $400K bail.
Twitter Chief Elon Musk to Pass on Mantle to New CEO, Takes CTO Role. Elon Musk will step down as CEO of Twitter and take up the role of CTO, with Linda Yaccarino from NBC Universal as a potential CEO candidate.
Ethereum Crashes to 6-Week Lows Despite ETH on Exchanges Declining. ETH has crashed to six-week lows, despite the amount of Ethereum stored on exchanges continuing to decline.
USDC Issuer Circle Rebalances Treasury Holdings Amid US Debt Ceiling Crisis. The issuer of the second-largest stablecoin, USDC, plans to rebalance its treasury holdings to avoid potential lapses amid the US debt ceiling crisis.
New York to Embrace Stablecoins as Payment Method for Bail Bonds. Assembly Bill Number 7024 aims to provide stablecoins with official payment status for bail bonds in the state of New York.
Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant. Analysts at CryptoQuant suggest that institutions are planning to buy Bitcoin in late 2023, aligning with projections that the bull market could start later in the year or early next year.
Check out our chart analysis of Ethereum, Ripple, Cardano, PEPE, and DOGE by clicking here for the complete breakdown.