It was another eventful week in the cryptocurrency space.
Bitcoin continued to hit highs not seen since the digital asset crash in May 2022. The largest virtual coin reached $39,000 on Friday before falling again.
According to CoinGecko, it is currently trading at $38,806 per coin. This represents an increase of approximately 1% in 24 hours. It rose 3% in one week.
The surge in assets is likely due in part to the Fed’s dovish outlook. Governor Christopher J. Waller said Tuesday that while U.S. inflation remains high, “we are increasingly confident that current policies are well positioned to slow it down.” “Crash the economy and get inflation back to 2%.”
Since the Federal Reserve began aggressively raising interest rates last year, investors have generally avoided “risky” assets like technology stocks and cryptocurrencies.
Waller’s comments had a “good effect” on the price of Bitcoin, according to James Butterfill, head of research at CoinShares, a European digital asset manager.
Elsewhere, interest in little-known meme coins has surged, and not necessarily for the right reasons.
Former Berkshire Hathaway Vice Chairman Charlie Munger died earlier this week. The legendary investor is famous for slamming Bitcoin. After his death, MUNGER, an Ethereum-based token, began trading.
It soared as much as 31,000% before crashing.
And after divisive diplomat and former US Secretary of State Henry Kissinger died on Wednesday, the prices of numerous Ethereum-based coins minted in his honor soared.
As if that wasn’t enough, news broke on Friday that Tesla CEO and It was based on His opinions began to be traded.
The world’s richest people are no strangers to the bizarre world of meme coins – volatile cryptocurrencies based on internet jokes and trends. Musk publicly supported Dogecoin, the first meme coin and the 10th largest digital asset.
For reference, Dogecoin is currently trading at $0.0842 and is the best-performing cryptocurrency of the week, up nearly 8% in 7 days.
Currently, the total cryptocurrency market capitalization is $1.52 trillion, an increase of 1.2% from the previous day.
Edited by Ryan Ozawa.