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This week has been a tough week. Bitcoin—and the broader cryptocurrency market—but as of yesterday, things looked brighter.
that much bitcoin price The current price is $63,107. CoinGecko data shows it’s virtually the same as it was seven days ago, down less than 1%. This is an improvement from earlier this week when the coin was trading below $57,000 per coin.
Bitcoin’s mid-week plunge was further exacerbated by spot Bitcoin exchange-traded funds (ETFs). Post the worst day on record On Wednesday. And that was after a. bad week Last week too.
Even BlackRock’s hugely successful iShares Bitcoin Trust experienced its first outflow since its launch in January, putting downward pressure on the price of Bitcoin.
The sell-off comes as investors are spooked by news that the Federal Reserve is in no rush to cut interest rates. On Wednesday, the central bank chairman said there would be no further interest rate hikes despite inflation tightening. The Federal Reserve decided to keep its benchmark interest rate stable.
But it wasn’t all bad news. The U.S. government’s non-farm payrolls report came out on Friday. showed The unemployment rate in April was higher than expected, causing the price of Bitcoin to soar.
When unemployment is high, the Fed is more likely to cut interest rates. Lower unemployment usually means people spend more, which leads to higher prices, or inflation. Lower inflation could lead to lower interest rates, increasing investor appetite for risky assets such as cryptocurrencies.
The jobs numbers may be what brought BTC back from its lows. Investors betting on top cryptocurrencies yesterday saw $100 million worth of their short positions liquidated.
Meme Coins Elsewhere I kept runningEthereum based pepe significant and noticeable benefits Solana-based Bonk Have a nice week. Despite being sluggish for 7 days, it rose by more than 20% and 15%.
Other alternatives such as ordinal based Ordi and Toncoin, started the rally on Friday. The price of ORDI is currently at $41, up 10% in 24 hours, while the price of Toncoin at $5 is up 9%.
Perhaps more newsworthy and more shocking was when there was a young boy and his mother. They put on an ugly live performance. To pump Solana-based meme tokens live mom Market capitalization up to $300,000 Before it disappears in what looks like a classic rug pull scam.
Even after the two became ghosts, the coin’s market capitalization soared past $500,000. There is never a dull moment in the cryptocurrency world.
Edited by Ryan Ozawa.